Card on file? What is this, 2007?
Cards had a good run.
But storing PANs, expiry dates and hoping they don’t fail…
isn’t payments. It’s archaeology.
Bank on File vs Card on File
Cards expire, fail, and come with high network fees.
Bank on File lets businesses securely store a customer’s bank authorisation instead, enabling recurring payments directly from their bank account.
With Bank on File you get:
- Lower fees – no card network costs
- Fewer failed payments – bank accounts rarely change
- Instant settlement – real-time bank payments
- Simple customer consent – approve once in the banking app
Card on File was built for cards.
Bank on File is built for modern Pay-by-Bank payments. ⚡
cVRP vs. Direct Debit vs. Card-on-file
| Feature | Recurring open banking payments | Direct Debit | Card-on-File |
|---|---|---|---|
| Setup authentication | Strong SCA once | Paper/online form | Card details entry |
| User-defined limits | Flexible | Limited | None |
| Instant cancellation | In-app (instant) | 3+ days | Contact merchant |
| Settlement speed | Instant | 3 working days | Batch processing (2+ hrs – 2 days) |
| Fraud protection | SCA + encryption | No SCA | SCA + encryption |
| Failure rate | Low | Low | High |
| Chargeback risk | Low | Low | High |
Essential FAQ: Commercial Variable Recurring Payments (cVRP)
Open Banking infrastructure for modern payments.