EP112 – Open Banking and the End of Traditional Direct Debits with Kevin Ludford

In this episode of It's A Numbers Game, hosts Adam Morris and Daniel Welling discuss the future of payments with open banking expert Kevin Ludford. The conversation delves deep into the advancements and benefits of variable recurring payments (VRP) for managed service providers (MSPs). Kevin explains the transformation occurring in payment collections, particularly the shift from traditional direct debits to VRP, which offers faster, more secure transactions and improved cash flow for businesses. They also discuss the implications of these changes, the reduced friction for both businesses and consumers, and the key advantages such as instant payments and reduced fraud. The discussion extends to industry-specific applications and the potential broader impact of open banking globally.   00:00 Introduction to the Future of Payments 02:24 Understanding Open Banking 04:35 Variable Recurring Payments (VRP) Explained 07:29 Global Adoption and Future Prospects 20:24 Mentoring Services for MSPs 22:24 Practical Applications and Benefits of Open Banking 34:13 Conclusion and Final Thoughts   Connect with Kevin Ludford on LinkedIn by clicking here – https://www.linkedin.com/in/kevinludford Connect with Daniel Welling on LinkedIn by clicking here –https://www.linkedin.com/in/daniel-welling-54659715/ Connect with Adam Morris on LinkedIn by clicking here – https://www.linkedin.com/in/adamcmorris/ Visit The MSP Finance Team website, simply click here –https://www.mspfinanceteam.com/   MSP Glossary: MSP Finance Glossary Explained | MSP Finance Team We look forward to catching up with you on the next one. Stay tuned!