Variable recurring payment
A series of payments made under one standing consent, within limits such as a maximum per payment and per period.
A variable recurring payment is a series of payments initiated by a payment initiation provider under a standing consent that the payer gives once, within parameters such as a maximum per payment, a maximum per period and an end date. Within those parameters individual payments can vary in amount and timing without the payer authenticating each one. Variable recurring payments are specified in the UK Open Banking standards and are a working example of a bounded payment mandate.
Agent Minute explains this term on 15 December 2026.
Related terms
MandateA checkable statement of what an agent may do for a principal: which action, how much, with whom and until when.Spend limitA cap on how much an agent may pay, enforced by the system that executes the payment, not by the agent.Payment initiation serviceA service that initiates a payment order at the user's request from an account held at another provider.Open bankingCustomers letting authorised third parties access their payment account data and initiate payments through secure APIs.