The most well known payment methods for recurring payments are:
Standing orders
Direct Debits
Continuous payment authority (CPA) using your debit or credit card details
VRPs and sweeping payments are different because:
Payments are sent via Faster Payments, so they are received by the payee’s bank faster
A set of parameters are agreed and a flexible payment can be made within those agreed boundaries
Payments are protected under the Payment Services Regulations in relation to unauthorised transactions or where there’s been an error processing the payment
Payments are set up via a secure online consent journey which has to be approved in your Mettle banking app
You can remove access at any time in your Connections dashboard
You can find more information about VRPs on the Open Banking website here.