ℹ️ We’re updating our recurring bank payment setup due to an industry change introduced by UK banks and Open Banking.
What is a Commercial Variable Recurring Payment (C‑VRP)?
A Commercial Variable Recurring Payment, or C‑VRP, is a type of Open Banking payment that lets you set up regular payments directly from your bank account to InvestEngine.
It works by creating a secure payment mandate with your bank. Once authorised, your bank can send payments to InvestEngine within the limits you approve.
C‑VRPs are used for commercial payments, such as funding an investment account. They are designed to make regular top-ups faster, more flexible and easier to manage.
How does a C‑VRP work?
When you set up a C‑VRP:
- You authorise the payment through your bank’s app or online banking
- Your bank uses its own security checks, such as biometrics or passcodes
- Money is sent directly from your bank to InvestEngine through Open Banking
- Payments are made according to the schedule and limits you agree to
Why use a C‑VRP?
C‑VRPs can offer:
- Faster payments than Direct Debits
- More flexibility over payment frequency
- Secure authorisation through your bank
- A simpler way to fund your portfolio regularly
Which banks support C‑VRP?
C‑VRP availability depends on your bank.
If your bank supports C‑VRP, you’ll see this option when setting up or updating a Savings Plan in InvestEngine.
Some banks may be added gradually, so availability can change over time.
Do I need to do anything?
If you’re setting up a new Savings Plan, follow the steps in the app. If your bank supports C‑VRP, this option will be shown during setup.
If you already have an Open Banking recurring payment, we may ask you to re-authorise it. This is a one-off confirmation required by some banks when moving to C‑VRP.
If you don’t re-authorise when asked, your recurring payment may stop working.
Is a C‑VRP the same as a Direct Debit?
No. A Direct Debit uses the Direct Debit scheme and usually takes 3–5 business days to process.
A C‑VRP uses Open Banking and is designed to be faster. Payments are authorised directly with your bank and sent directly to InvestEngine.
Can I switch from Direct Debit to C‑VRP?
Yes, if your bank supports C‑VRP.
To switch:
1. Cancel your existing Direct Debit with your bank.
2. Go to the Savings Plan for the portfolio you want to fund.
3. Set up the Savings Plan again.
4. If your bank supports C‑VRP, the app will show the available option.
Bank accounts registered in the Crown Dependencies
There are additional restrictions for bank accounts registered in the Isle of Man, Guernsey, or Jersey.
These locations are not automatically covered by the UK Open Banking network. Banking groups can choose to participate by joining the Crown Dependencies Directory, which enables Open Banking access for eligible accounts in these locations.
If your bank does not participate, you won’t be able to use Open Banking products such as PIS / Instant Transfer or VRP.
The restriction depends on where your bank account is registered, not where you live.
For example:
- If you live in the Isle of Man, Guernsey, or Jersey but your bank account is registered in mainland UK or Northern Ireland, Open Banking should still be available.
- Northern Ireland is treated as part of the UK for Open Banking purposes and is not subject to the Crown Dependencies restriction.
If Open Banking is unavailable for your account, you can instead use bank transfer for one-off payments or Direct Debit (DD) for recurring payments.
Need help?
If you’re unsure whether your bank supports C‑VRP or you’re having trouble setting it up, contact our support team.