Done a search around this forum (because I am new) regarding Monzo using Variable Recurring Payments for subscriptions. Il admit I don’t know a whole lot about this yet but I was wondering if Monzo were going to use VRP to finally manage subscription payments properly like direct debits and standing orders. Also sweeping seems handy for sending between pots not just accounts.
The missing thing is consumer protection. But the use case that the open banking people were pushing (and what appeals to me) is to use it for your own accounts, to sweep money into savings or automatically draw money in to avoid overdraft fees.
Interestingly, I think that there were signs of VRPs in the Monzo app teardowns last year, I think (cc @davidwalton) but no sign since.
Thanks all, based off the use cases described by Open Banking in this link below it can be used for subscriptions but I suppose we have to wait for Monzo to adopt as well as third parties that take payments.
Is the consumer protection not the limits that are set for each month per payment? What more protection would there be?