Additional Information about Yapily VRP

Further reading on how to create VRPs with Yapily.

Scope

The current scope of VRPs is mandated by the OBIE and is limited to sweeping services.

Restrictions

Sweeping VRP is subject to the following restrictions:

• The payments must be between two accounts held by the same person or business
• The payments must be domestic to the UK and deal in GBP
• The source account must be a current account

Included use cases

• Sweeping between current account providers, including to move funds between current accounts to avoid falling into overdraft on another current account
• Sweeping to destination accounts which are used for unbundling overdrafts from a current account and other alternative forms of credit that closely compete with overdrafts
• Sweeping to destination accounts which are used for loan repayments as part of a service that provides alternative forms of credit to an overdraft
• Sweeping to a credit card account
• Sweeping to cash savings accounts that are capable of paying interest
• E-money accounts that are used by consumers and SMEs as substitutes for current accounts alternatives to savings accounts

Excluded use cases

• Sweeping to make e-commerce purchases (including sweeping money to an e-money “me-to-me-to-business” account, in order to purchase goods or pay for services or pay for utility bills)
• Sweeping to destination accounts used for the purchase of cryptocurrency
• Sweeping in order to use online gambling and gaming services.
• Sweeping to destination accounts used for foreign exchange or international money transfer services.
• Investment products (including pensions) that may be used by consumers as alternatives to savings accounts

Institution Specifics

Some institutions impose limitations on the VRP flow or have non-standard capabilities. All known cases are detailed in this section.

Compliance Requirements

VRPs are considered to be an ongoing relationship with the end user, meaning there are extra Know Your Customer (KYC) and transaction monitoring obligations on Yapily Connect Ltd.

As a result, Yapily Connect customers using Yapily Connect's PIS license for VRPs are required to provide extra fields about the end user who is making the payment.

These details must be placed under the complianceData object when authorising a VRP payment. Refer to the endpoint's API specification for details, and note that the required details will vary between a consumer and a business payer.