What is a Commercial Variable Recurring Payment (C‑VRP)?

  • Updated

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 C‑VRP is a type of Open Banking recurring payment. It lets you make regular payments from your bank account into InvestEngine using Faster Payments rails — so payments are typically quick and low cost.

Why is InvestEngine introducing C‑VRPs?

UK banks are introducing C‑VRPs during 2026. We currently support recurring Open Banking payments using an earlier VRP setup (“Sweeping VRP”). As banks switch to C‑VRP for commercial use cases like ours, we’re required to move to C‑VRP for recurring Open Banking payments.

What does this mean for me?

If you already make recurring payments to InvestEngine using Open Banking (a VRP mandate), you’ll need to re‑authorise your recurring payment(s) by setting up a new mandate in InvestEngine. This is because existing mandates can’t be migrated automatically to the new C‑VRP setup.

If you don’t take action, your recurring payment may stop working after a certain date (this depends on your bank).

Does this affect Direct Debits?

No. This change is only for Open Banking recurring payments (VRPs). Direct Debits are managed separately and aren’t affected.

Will the steps in the app/website change?

From your perspective, the journey will look the same. You’ll just be asked to re‑authorise — essentially like setting up your recurring payment again.

When can I re‑authorise?

You can re‑authorise once your bank has enabled C‑VRP functionality.

Based on current information, banks are enabling C‑VRP on different dates:

Banks expected to support C‑VRP from 3 June 2026
  • Santander
  • NatWest Group (including NatWest, Royal Bank of Scotland and Ulster Bank)
  • HSBC
  • Lloyds Banking Group
Banks expected early June / July 2026 (dates may change)
  • Monzo
  • Barclays
  • Nationwide

Please note: these timelines are controlled by the banks. InvestEngine and our Open Banking partner can’t speed them up.

Which customers need to take action?

You need to take action if you currently have an Open Banking recurring payment set up with InvestEngine (a VRP mandate).

This is especially relevant if you bank with:

  • Santander
  • NatWest Group (NatWest / RBS / Ulster Bank)

(These are the banks where we already have customers using the current “Sweeping VRP” setup.)

Do I need to re‑authorise more than once if I have multiple recurring payments?

If you have more than one recurring payment/mandate (for example, to different portfolios or from different bank accounts), you may need to re‑authorise each one. We’ll guide you in the app/website when you complete the process.

What happens if I don’t re‑authorise?

Your existing recurring payment mandate may stop working after a certain point, depending on your bank:

  • Santander: we currently expect an open‑ended migration period, meaning you’ll have ongoing time to move across (but we still recommend doing it as soon as you can to avoid disruption).
  • NatWest Group: we currently expect a deadline later in 2026 (we’ve been advised end of October 2026 in the latest project documentation). If you don’t re‑authorise by the deadline, recurring payments may stop working.

We’ll confirm the exact dates in our emails/in‑app messages, and we’ll send reminders.

Will my recurring payments be slower once I move to C‑VRP?

No. Payment speed should remain consistent with Open Banking guidelines.

Will C‑VRP cost me more?

No. This change does not increase what you pay. (Our internal commercial terms for C‑VRP are expected to be similar or cheaper than before.)

Will you keep my existing recurring payments running during the change?

During the migration period, we’ll aim to keep existing recurring payments running while you set up your new C‑VRP mandate but to avoid missed payments, we recommend re‑authorising as soon as you receive our instructions.

Is there any risk of duplicate collections?

We have controls in place to minimise the risk of collecting twice. When you successfully set up a new C‑VRP mandate, we will disable the old Sweeping VRP mandate for that recurring payment.

Will this change affect my payment references or the information you receive from my bank?

We do not expect any change to the payment data we receive for reconciliation and cash matching purposes. This has been confirmed with relevant parties for NatWest Group.

What do I need to do now?

Nothing yet, unless you’ve received a message from us asking you to re‑authorise.

When you do receive the message:

  1. Open InvestEngine (app or web).
  2. Go to the portfolio(s) mentioned in the message.
  3. Follow the steps to set up your recurring payment again and re‑authorise with your bank.
Where can I get help?

If you’re unsure whether you’re affected, or you have trouble re‑authorising, contact our support team here.