Report published on the use of Model Contract Clauses to support cVRP development

UK Finance, in association with law firm Addleshaw Goddard, has today released a report on the use of Model Contract Clauses to support the development of commercial VRPs (cVRPs) in the UK.

Having supported and co-chaired the cVRP Model Clauses Working Group, whose work formed the basis of this report, Token.io strongly endorses and welcomes the report’s publication.

Commenting on this release, Charles Damen, Token.io Chief Product Officer and co-chair of the cVRP Model Contract Clause Working Group, said:

“Commercial VRPs have the potential to deliver significant benefit to both consumers and merchants, providing frictionless user journeys and greater choice. They support a vast array of use cases, from 'one-click' and recurring e-commerce payments, to payments for utilities, government and financial services.”

”The model clauses report will accelerate the rollout of commercial VRPs in the market in the short term via bilateral arrangements with banks, as well as contributing to the foundation for a broader multilateral agreement in the medium term,” he added.

Model contract clauses for cVRP will:

• Enable standardisation across the industry, driving consistency in how end users experience cVRPs, and how parties engage with each other (for example, in dispute handling)

• Lower the costs of contractual negotiations

• Increase speed to market and enabled wider cVRP adoption

Looking at the exciting potential use cases for cVRP, it’s easy to see why cVRP represents the future of payments. At Token.io, ensuring our partners have access to this cutting-edge functionality as swiftly as possible is a top priority. We are dedicatedly working towards this goal, driven by a passion to lead the charge in advancing the payments industry.