In October 2021, B A Exchange integrated Open Banking powered Vyne Pay with bank into their checkout through our partner RemitOne, to enable their customers to make quick, secure, cardless money transfers. When searching for an Open Banking payment partner, B A Exchange were looking to solve two key issues; high transaction fees and slow settlement times.
B A Exchange save 87% on transaction fees with Vyne
Within the remittance industry, it’s not uncommon for payment processors to charge substantial fees for transactions, meaning a portion of the sender's money doesn’t actually reach the recipient. For B A Exchange, saving costs on high transaction fees was the main priority when searching for an Open Banking partner as they were looking to combat this issue to significantly reduce fees for their customers.
Alongside saving costs for their business and their customers, B A Exchange were keen to continue innovating and bringing new payment methods to their customers, which is why they were one of the first remittance companies to use Open Banking in the UK.
“With Vyne, we’re saving around 87% on transaction fees compared to card payments. Since adding Vyne Pay with bank to our checkout, we’ve noticed a significant transformation in our business as we’re no longer affected by high-cost card fees, meaning we can continue investing in improving our customer experiences.” - Azad Kamrul, Director & CEO at B A Exchange
Vyne Pay with bank claims 95% of B A Exchange share of checkout
“Shortly after integrating, we decided to make Pay with bank the only payment option on our website checkout to boost the usage of Vyne due to the incredible cost savings we see on transaction fees. Vyne is used for 100% of our online money transfers, with the only exception being customers who are unable to use Open Banking due to things like no access to online banking, which has resulted in Vyne claiming 95% share of our checkout.”
Streamlined payments
For money remittance businesses, positive cash flow and speedy settlement is imperative with them turning around payments within a day. Traditional international bank transfers often take between 3-5 days to arrive, so instant settlement through Open Banking powered Pay with bank was just what B A Exchange were looking for.
“Instant settlement through Vyne is a huge benefit for us as a money transfer business. Not only do payments made through Vyne reach recipients quicker but the process of sending is streamlined too. Around 90% of our transactions are made by repeat customers, and as Vyne is the only payment method on our checkout, this shows the cardless payment method is favoured amongst our customers as it’s much quicker, easier and safer than manually entering payment details.”
“The service we receive from the Vyne team is second to none”
As one of the first merchants to go live with Vyne, B A Exchange have had a longstanding relationship with the Vyne team, and have helped develop both our product and portal through recommendations such as adding additional permission levels to portal users.
“The service we receive from the Vyne team is second to none. Since day one, the interactions we’ve had with the Vyne team have been incredible, whether that was during the easy integration process, quickly answering support tickets or providing feedback through our Customer Success Manager. Pay with bank has come a long way since we first integrated, and where we’ve had recommendations or feedback, the team has always taken it on board and acted upon it which has resulted in the strong relationship we have today.”
“Vyne is a valuable part of our business that we will continue to move forward with, due to the level of service we receive and the benefits to both us and our customers.”
Interested in adding Vyne Pay with bank to your Money Transfer business?
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