591. Insights: Predicting the future of fintech in 2022
Fintech Insider Podcast by 11:FS
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Variable Recurring Payments and Sweeping
variable recurring payments allow customers to connect authorize payment providers to their bank account so that they can then make payments on the customer's behalf. They are a more secure and cost effective replacement for things like direct debits, but they're also faster and less prone to error. And something you might hear about is something called sweeping, which is actually enabled by variable recurring payments. So there are loads of examples where this could be used, such as sweeping fro funds from a current account to savings account, or a current accounts to a loan account. The possibilities are really endless with this.
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