VRPs are the next frontier of open banking payments in the UK, with the Competition and Markets Authority mandating their implementation by the end of January 2022. This technology allows consumers to approve transactions that vary month-to-month, enabling them to better manage their financial lives. VRPs have numerous use cases, including smart savings and overdraft schemes, control over subscriptions, one-click payments, account funding, and bill pay, which can simplify and speed up various financial processes. The technology represents a major leap in open banking, with consumer demand expected to create a market for it, spurring fintech and legacy financial institutions to adopt the infrastructure to support VRPs. Plaid is developing a VRP product to fuel open banking adoption and give consumers even more control over their finances.