Our partnership with Keyloop will enable dealerships and OEMs to benefit from Open Banking powered account-to-account payments. Vyne Pay with bank is integrated directly into Keyloop’s DMS and is available to all UK customers through Payments from today.
What are Open Banking powered account-to-account payments?
Open Banking launched in the UK in 2018 and was introduced to improve competition in the financial services to create fairer, more personalised products for consumers and businesses alike. Open Banking payments enable businesses to bypass expensive, slow card processors while accessing faster, seamless payment experiences.
As more businesses add Open Banking to their operations, the alternative payment method is continuing to grow and reach more consumers. In fact, at the end of 2023, over 129 million Open Banking payments were made in one year an increase of over 80% from 2022.
How can Keyloop customers benefit from Open Banking powered Pay with bank?
Retain more profit with fairer transaction fees
For deposits, parts and servicing, and full payments, Open Banking payments enable dealerships to bypass high-cost card fees in favour of a fairer transaction fee, this could be up to 80% depending on current card fees.
Boost cash flow with instant settlement
Don’t wait days for funds to arrive in your business account. With Open Banking, funds land in your account almost instantly, enabling your finance teams to see an accurate view of incomings and outgoings.
Provide consumers with a quick, cardless alternative to manual bank transfers
Manual bank transfers are slow and can be riddled with errors. With Vyne Pay with bank, we’ve built the payment journey that enables consumers to complete payments in a few simple taps, with no card or account details needed. Our award-winning payment journey builds trust while setting expectations on how to complete a payment, ultimately boosting conversion.
Increase customer sentiment with instant refunds
Slow refund processing frustrates consumers. By offering instant refunds through Open Banking powered Pay with bank, dealerships can increase customer sentiment and boost return custom. With one-click refunds it’s easy to approve full or partial refunds.
Reduce fraud without impacting experience with two-factor authentication
By enabling consumers to pay using their own mobile banking app or online banking, dealerships can reduce fraud by increasing confidence that the customer owns the bank account.
Transform your payment experience with Vyne Pay with Bank
If you’d like to understand how Vyne Pay with Bank can add value to both ends of the payment experience, then this webinar recording is for you. You’ll discover all you need to know about the features of this powerful solution, designed to make payments fast, secure, and seamless and keep costs down.
Click the image below to watch the webinar.
How do I add Open Banking powered Vyne Pay with bank to my Keyloop DMS?
We’ve worked with Keyloop to make sure that dealerships and OEMs can quickly and easily add Vyne Pay with bank to their DMS to boost existing operations. To get started, complete this short form and one of our team will be in touch to arrange a demo.