TrueLayer integrates VRPs on UK investment platform InvestEngine

Customers of InvestEngine, an exchange-traded funds (ETFs) investment platform, will be able to more quickly and easily top up their investments, having partnered with Open Banking payments network TrueLayer.

The new partnership will use variable recurring payments (VRPs) for ETF investing.

With VRPs implemented on its platform, InvestEngine’s customers can automatically top-up weekly, fortnightly or monthly from a bank account, without having to routinely renew the mandate.

Once InvestEngine receives a client’s chosen investments and funds, these are put to work through its ‘AutoInvest’ feature, which also ensures any uninvested cash is invested automatically each day, based on the investor’s chosen portfolio weights.

The introduction of VRPs on its platform will also power InvestEngine’s new ‘Savings Plans’ feature, enabling customers to automate regular transfers from as little as £10 a week into an ISA, general or business investment account.

Andrey Dobrynin, co-founder and managing director at InvestEngine, said that ETF savings plans have grown “significantly in popularity” globally, as a way for people to invest little and often.

“By partnering with TrueLayer on our new Savings Plans, we’re bringing the latest innovations in payments to the world of investing, overcoming the biggest pain points people experience, and making it easier for everyone to grow their wealth,” said Dobrynin.

Mariko Beising, vice president, financial services and partnerships at TrueLayer, added: “VRPs are the next step in Open Banking innovations, giving consumers a faster, smoother and more secure way to make recurring payments.

“We’re pleased to be partnering with InvestEngine on its new Saving Plans feature, harnessing the benefits of VRPs to help more people invest regularly and with flexibility.”

Earlier this year, TrueLayer partnered with credit management app Incredible to provide VRPs to the app’s customers. At the time, it was hailed by Incredible’s chief executive officer as a “pioneering” use case for VRPs.

On LinkedIn, TrueLayer recently revealed that consumers had made one million VRP transactions, powered by TrueLayer.