In the last six months at Vyne, we've seen adoption growing at a blistering pace, with the share of checkout in some verticals as high as 60%.
Consumer adoption will rely heavily on the education of account-to-account (A2A) payments via Open Banking, and the key to this is a partner ecosystem that’s built on trust, transparency, and ultimately, delivering the best possible solutions to merchants.
A big part of what we're trying to achieve at Vyne is the building of an ecosystem of partners that’s a strong cultural fit with like-minded organisations supporting each other to deliver combined value to merchants and consumers.
There might not always be a technical join-up between our two products, or perhaps there’s no need for our products to connect, but from a partner perspective, there needs to be a shared vision and appreciation for the value that each organisation can deliver to the other’s respective client base.
A community must be made up of trusted partnerships. We need to feel confident that if we have a client looking for services offered by one of our partners, we can recommend them knowing they’ll be able to deliver on those services and that this confidence is reciprocated.
A core component of our partner-first approach is finding and working with organisations that allow us to be where our merchants are, delivering combined value and tangible benefits to all parties. These can range from large platforms offering core solutions at scale, helping merchants succeed in what is progressively becoming a more difficult economic environment, to niche-technology-solution providers focused on making an impact in core verticals by solving business issues related to payment acceptance, as well as consultancies and agencies helping to deploy bespoke solutions specific to merchant needs.
Understanding their needs
Working with our partners, we look to share knowledge and leverage market expertise to ensure we understand the requirements and are combining our efforts to deliver meaningful propositions that will have an impact.
For example, in the small business space, SMBs and SMEs, who run their businesses off their own backs, are finding the current economic climate tough. We understand they need assistance now more than ever to drive cost efficiencies while maximising consumer engagement and experience.
We recently partnered with Wix, and besides the benefits of Open Banking powered payments, we’ve launched an industry-first self-service onboarding solution. Wix is fantastic if you want to have your own ecommerce store, and we continue to develop solutions to enable our partners and their core client base to easily access our solution via these platforms.
Traditional payment methods are far more expensive and ultimately eat into profit margins. With our solution, we bring a more cost-efficient and cost-effective payment solution to the mass market. We invest heavily in integrations with the likes of Wix, WooCommerce, Salesforce and Big Commerce in order to bring the benefits of Open Banking to merchants en masse.
We also know that large organisations are constantly trading off innovation versus resource constraints and core-product maintenance while continuing to adapt to an ever changing economic landscape. Here again we have the same mindset and understand that they still need to innovate and grow their businesses while managing costs associated with payments and consumer experience and loyalty.
If you look at our partnership with Purchase Direct, we’ve worked together to add value to their existing proposition, which means that they can continue to be an innovative player in the market and continue to offer new services to their client base without having to divert too many of their resources away from their core proposition to focus on a complex integration. This means we are able to quickly bring a pre-integrated solution to market while focusing our combined efforts on educating merchants and consumers on the benefits of A2A payments via Open Banking.
It’s imperative to have a partner who sees the value and has the same mindset of wanting to drive adoption at scale. Our relationships with partners such as Purchase Direct, Pinewood, Calyx and RemitOne, to name a few, are about integrating and deploying simple and readily available solutions that solve business issues and enable growth. Understanding that the true power of Open Banking goes far beyond checkout is key for us and our partners.
If we look at the automotive industry in particular, our aim has always been to have an end-to-end Open Banking proposition built to provide the best consumer experience possible but at the same time ensuring that behind the scenes, we help partners and their merchants become trusted advisors. We do this by providing open access to our knowledge of payments and Open Banking while ensuring we are transparent and upfront about best practices to ensure that we collectively deliver accurate and consistent messaging via our Partner ecosystem.
The aim for us is to help our partners bring a proposition to market that drives efficiency and optimises payments. The result is not only an Open Banking solution that drives massive change and delivers benefits to mutual clients but also adoption at scale across the market, benefiting all.
Partner with Vyne
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