InvestEngine is expanding and upgrading its Open Banking system. We’re moving more customers over to a technology called Commercial Variable Recurring Payments – we’ll call them ‘Commercial VRPs’ from here on out.
This is a technical update, but it’s an important one. It allows for much faster payments, ultimately meaning more investors can fund their portfolios quickly and reliably, using near‑instant bank transfers.
Some investors will already be using Commercial VRPs for their investing with us. We’ll get into what (if anything) you need to do in light of these changes.
Here, we’ll explain what it means for investors, which banks are included, and whether you need to do anything.
What Commercial VRPs actually are
A Commercial VRP is a type of Open Banking payment. It lets you set up an ongoing funding arrangement directly with your bank – so your bank can send money to InvestEngine on a recurring basis. In practice, it’s a type of regular top up.
It’s ‘variable’ because, within the permissions you approve, the payments don’t have to be a single fixed amount forever. Instead, you’re authorising a payment mandate that can support recurring funding more flexibly (for example, weekly or monthly payments, and potentially different amounts within those time periods – depending on how your plan is set up).
It’s ‘commercial’ because it’s designed for business use cases like paying into an investment platform (not just person‑to‑person transfers). Banks are increasingly standardising Open Banking payments for these commercial scenarios, and Commercial VRP is the newer approach they’re rolling out.
In practice, a Commercial VRP means:
- You authorise the arrangement in your banking app/online banking, using your bank’s own security checks.
- Money moves directly from your bank to InvestEngine through Open Banking rails (rather than via the Direct Debit scheme).
- Payments are designed to be fast, helping your top-ups reach your portfolio quickly and reliably.
Why this matters for investors
1) More banks are now supported for recurring payments
The expansion to Commercial VRPs means that the list of banks that can support Open Banking technology with InvestEngine has grown.
So, if your bank is being added, you’ll be able to make use of faster, more reliable regular payments to your account.
Newly supported banks:
- HSBC
- Lloyds Banking Group
- First Direct
- Halifax
- Nationwide (in August)
2) A future‑proof way to fund your investments
The expansion is also designed to keep us and our investors up to date with technological trends in banking.
Banks are standardising Open Banking payments for commercial use cases (like paying into an investment platform). The change we’re making is about keeping recurring funding available and compliant as banks switch over.
In plain terms: this is how we ensure that Open Banking recurring payments remain a dependable option for InvestEngine investors.
Payments using Open Banking are designed to be near-instant and easy to set up, so we’re pleased to bring as many investors as possible over to the technology.
Which banks are going live (and when)
Not all banks are going live with Commercial VRPs on InvestEngine at the same time. Here’s the rough breakdown of when your bank will be added to the service.
Live now
- Santander
- NatWest Group (NatWest / RBS / Ulster Bank)
- HSBC
- Lloyds Banking Group
Rolling out in the coming weeks
- Barclays
- First Direct
- Halifax
- Nationwide (later in the rollout)
Note: timelines may shift because bank and partner rollouts can change.
Do you need to do anything?
If you don’t currently have an Open Banking recurring payment set up
No – you’ll just be able to set one up as normal. If your bank is one of the new additions, you might gain access for the first time.
If you already have an Open Banking recurring payment set up
Some investors will need to take a quick one‑off action.
Santander or NatWest Group investors with existing VRPs
If you already fund your portfolio via an Open Banking recurring payment and your bank is:
- Santander, or
- NatWest / RBS / Ulster
…you’ll be asked to re‑authorise your recurring payment mandate so your regular investing can continue uninterrupted.
Key point: this isn’t a change to your plan. It’s a one‑time confirmation required by the way banks implement Commercial VRP (existing mandates can’t be automatically moved across).
If you don’t complete the re‑authorisation, your recurring payment may stop working after the migration window. We’ll clearly communicate what you need to do (and any deadlines) to help you avoid disruption.
If you use a Direct Debit for your top ups
This change doesn’t automatically move existing Direct Debits to Commercial VRPs.
However, if your bank supports Commercial VRP, you can choose to update your savings plan and switch to the newer Open Banking payment method.
Direct Debit is familiar and well-established, but Commercial VRPs offer a few key benefits that investors might want to consider when making a potential switch.
- Commercial VRPs offer flexibility: you can set it up through your bank and choose to pay weekly or monthly, with the option to pay different amounts within those time periods.
- They’re set up securely with your bank: authorisation happens in your banking app or online banking, using your bank’s own security checks such as biometrics.
- They send money directly from your bank to InvestEngine: there is no separate Direct Debit scheme handling the movement of the cash.
- Commercial VRPs are faster: Direct Debit payments usually take 3–5 business days to become available, while Commercial VRP payments are currently expected to be completed the next day.
To switch from Direct Debit to Commercial VRP:
- Cancel your existing Direct Debit with your bank.
- Go to the savings plan for the portfolio you want to pay into.
- Set up the savings plan again. If your bank supports Commercial VRP, the savings plan will default to Commercial VRP – you don’t need to select anything extra.
The takeaway
So, the key thing to know is that more investors can now use Open Banking for their regular top ups. These remain a fast, reliable way to invest regularly.
If you’re an existing VRP investor with Santander or NatWest Group, you’ll likely need to re‑authorise once when we prompt you, to keep your recurring payments running. If you’re not, you may be able to move over once your bank has been successfully added to the system.
If you’re unsure about any of the information here or want to check if your bank has been included, get in touch with our support team at support@investengine.com.
Important information
Capital at risk. The value of your investments may go down as well as up, and you may get back less than you invest. Past performance is not indicative of future performance.
ETF costs apply. If in doubt, you may wish to consult a professional adviser for guidance.