Open Banking 

We’ve all been in a position where acronyms and industry jargon become overwhelming, especially when evaluating a new industry. That’s why we’ve created the Jargon Dictionary. 

The Vyne jargon-busting dictionary will help you get up to speed with everything Open Banking payments, Vyne Pay with bank and the features in our 

. You’ll be speaking the lingo in no time. 

Download a PDF version below, no strings attached. Literally. No email, no data inputs, we just want to help.  

Payment Initiation Service Provider, a company regulated by the FCA to carry out PIS operations.

Account Information Service Provider, a company regulated by the FCA to carry out AIS operations

Account Servicing Payment Service Provider, these are the Banks that have built Open Banking APIs.

Know Your Business, the process of verifying the ID of an account owner or customer. This is a legal requirement as part of AML legislation and must be carried out whenever an account is opened, for example.

Application Programming Interface. This allows two programs or apps to communicate with each other. Open Banking APIs power account-to-account payments by enabling PISPs like Vyne to talk to ASPSPs like Banks.  

 Strong Customer Authentication. This is a piece of legislation which ensures the person who’s making a payment is who they say they are through two-factor authentication. 

Sweeping is the automated bulk transfer of funds from one account to another owned by the same company. 

The term used when funds land in an account from a transaction made. 

Third Party Provider. Regulated PISPs and AISPs are referred to as TPPs. 

Variable Recurring Payments. This is a feature of Open Banking APIs which will enable the same functionality as direct debit. 

Vyne hosts a secure and frictionless checkout page to enable consumers to complete their purchase with ease. It comes complete with a seamless hand-off to a mobile device to help consumers complete payment in seconds. These pages are built and managed by us at Vyne, and you only need to link to our hosted checkout to begin taking Vyne payments.

An integration built with a partner platform which allows you to use Vyne's comprehensive open banking payment solution, from within the systems you use today.

Connect multiple applications and channels to Vyne, allowing an omni-channel solution and the ability to offer Vyne payments in app, mobile, desktop or face-to-face.

Single payments is Vyne’s core product, and allows merchants to request a payment from a consumer through Open Banking.

Get real time updates throughout the entire payment process via webhooks or our Merchant-facing portal.

Vyne provides confirmation from the bank once they have initiated the transaction.

Vyne goes beyond the standard Open Banking framework and provides you with a confirmation when funds arrive in your account, for ultimate peace-of-mind. This enables you to automate your reconciliation processes instead of having to manually check the bank account for every single payment.

Provide your customers with a secure link to let them complete payment in their own time. These links can be sent through email, SMS, in-app or shared using a QR code. 

Set a flexible payment period from 30 minutes to 31 days to allow for a range of use cases.

Request a refund by signing into your Vyne portal and initiate a refund to a consumer.

Access a view showing all funds in and out within your daily reconciliation period for each settlement account you have with Vyne, and download the report of a single day or range of days.

Access, view and download reports of all your payments including filters and custom date ranges.

A single place to manage payments, view reconciliation data, or administer your account as a merchant or partner of Vyne.

Add all your business users to your portal and control what they can see and do with 3 permission levels.

E-money accounts owned by you and used by Vyne to handle all money movements.

A single daily transfer to your account including the balance of payments, refunds, payouts, and fees, keeping your own bank accounts free of noise.

Set a sweep time to suit your own reconciliation cycle.

All transaction fees taken at the point the money arrives or leaves your account.

Unlimited number of top ups to settlement accounts for those who regularly make payouts.

 Instantly verify that your customer owns the account they’re using through a micro-deposit, providing confirmation of name and account details.

 An amount automatically reserved in your account at the end of your daily sweep of funds to handle any refunds requested, without needing to top up your account.

Request a full or partial refund through our API and automate the refund process.

Request an instant closed-loop payout through our API, allowing your customers to withdraw funds if they have paid with Vyne previously.

Access rich data for all payments, refunds, payouts, and account balances to power your Business Intelligence (BI) applications through our easy-to-integrate API.

Access all reconciliation data through our API, streamlining integration of Vyne payment data to your Enterprise resource Planning (ERP) or accounting systems.

Created with your business and target audience in mind. Bespoke marketing collateral for your communication channels.

With our Pro and Premium packages, you have your own dedicated resource with our customer success team.

Depending on the package, we offer quarterly or annual business reviews where we arrange a review of your business relationship with Vyne and how we can optimise it to help you flourish.

Sessions are on an invitation only basis to allow your business early access to new products and features.

We offer in hours, premium and priority payments support. This gives you access to the support you need to improve business operations.

Additional to product training, Premium and Custom levels unlock training enablement sessions and videos specifically designed for your business. We provide access to training videos and can arrange sessions with our support team to enable your business to hit the ground running.

Now you know the lingo, are you ready to add Open Banking powered payments to your business? 

Start taking fast, fair, secure, seamless payments today. 

Learn the lingo: Open Banking payments Jargon Dictionary

Struggling to distinguish PISPs from APIs? What is a hosted checkout anyway?

Case study 

Pendragon is on a mission to transform automotive retail through digital innovation and operational excellence. Open banking powered account-to-account payments are a key driver of this strategy. 

Pendragon and its automotive brands Evans Halshaw, Stratstone and CarStore faced high transaction amounts and as a result were at the mercy of high-cost card fees and impacted by slow settlement. 

Bank transfers, a favoured payment method in dealerships, were resulting in manual errors impacting sales figures and customer sentiment.

Enhancing the showroom payment experience

Launched in April 2022, Vyne gave Pendragon’s consumers the ability to make direct account-to-account deposits and full payments instantly.  Through Open Banking powered pay-by-links, this could be done from the comfort of their own home or in dealerships, without any manual data entry.

Vyne Pay with bank claims 67% of CarStore share of wallet

“We’ve made Vyne Pay with bank our first and recommended payment option for all of our dealership customers, whether they are making a deposit or paying in full. That’s why Vyne has a 67% share of wallet in our CarStore brand, and it’s growing every month across our entire dealership portfolio.” – Martin Dobson, UK Divisional Finance Director at Pendragon 

“This benefits us in multiple ways. We receive lower transaction fee costs compared to card payments, the risk of fraud is highly reduced and our customers receive seamless payment experiences with no chance of misplaced funds.”

Pendragon save 73% on transaction fees verses card 

“We’re saving 73% on transaction fees with Vyne. This enables us to retain cost allowing us to continue to invest in innovation through digital, omnichannel experiences.”

“We recently processed two individual payments of £82,975 and £99,335 through Vyne Pay with bank for the outright purchase of two vehicles. We received the funds instantly and the customers were able to leave with the car the same day.”

“Our partnership with Vyne plays a key role in helping us achieve our mission to transform automotive retail through digital innovation and operational excellence.” 

Pendragon Case Study 

Taking automotive payments up a gear with Open Banking

Team Vyne

We recently received a wonderful testimonial from the CEO, Azad Kamrul at B A Exchange: “Excellent customer care”. 

We pride ourselves on the experience we deliver to our merchants from the integrations to our portals to merchant user experience to the support we provide in order to help our customers succeed. And this shows as we're currently running at a merchant NPS score of 86. To understand why we invest in customer success we asked Lucy Moss, Head of Customer Success about the role it plays within Vyne and with our merchant customers.

For me, Customer Success simply means enabling our customers to derive as much value as possible whilst using Vyne so they can meet their goals and objectives. Whether in our work-life or personal-life, we don't purchase products or services without a reason. Success is all about building strong relationships with customers to really understand why they're working with us, what they're trying to achieve and helping them to achieve it to drive business success.

What's the best part about your role in Customer Success?

The variety of people and teams you get to work with, both internally and externally. One minute you can be leading a Quarterly Business Review(QBR) with external stakeholders discussing conversion and volumes, the next you're working with Product and Engineering feeding back on a new feature based on the insights you've gathered from your customers.

What role does Customer Success play within Vyne?

Customer Success is the conduit between Vyne and its customers. Gathering important insights from customers to help Product define the roadmap, organising workshops with customers to discuss new features to make sure we're building what they need (not what we 

 they need) and most importantly ensuring we're building out our business and strategy with our customers at top of mind.

Supercharge your payments and get the support to succeed.

Vyne Spotlight: Customer Success

We pride ourselves on our company culture and expertise. Our team is made up of various nationalities, backgrounds, skillsets and everyone plays a crucial role in our success. We're not into bragging, but everyone at Vyne is pretty awesome.

Announcement

, the specialist account-to-account payments platform, today announced a partnership with BigCommerce (Nasdaq: BIGC), a leading Open SaaS ecommerce platform for fast-growing and established B2C and B2B brands that allows consumers to make highly secure payments in just three taps. 

BigCommerce’s mission is to help merchants of all sizes sell more at every stage of growth with its leading Open SaaS solution. As eCommerce continues to grow in importance to British retailers of all sizes, with Insider Intelligence predicting 

 online sales growth in 2022, Vyne’s partnership with BigCommerce will help merchants extract even more value from these transactions. 

All BigCommerce merchants can now access Vyne’s Pay with Bank account-to-account payment solution in the 

. The app offers plug and play onboarding, so no bespoke integration is required. This means merchants can be saving up to 80% per transaction compared to card payments, whilst offering real-time refunds to their customers, in a matter of minutes.

We’re delighted to be one of BigCommerce’s open banking payments providers to integrate with the platform. Ensuring that the process of making a payment is quick and easy for consumers has never been more important, and our partnership will deliver this and so much more to online merchants.”

Beyond enabling online retailers to bypass high-cost middlemen, Vyne’s frictionless payment process increases conversion rates and streamlines cash flow via instant settlement. Security is also improved as all transactions are Secure Customer Authentication (SCA) compliant, significantly reducing fraud and eliminating chargebacks entirely. Automatic reconciliation is offered as standard. 

“Traditional payment solutions aren’t just slow and clunky for consumers, they are stacked against merchants - expensive, slow and full of friction,”

It is our mission to restore payment power to merchants and their customers, and collaborating with BigCommerce is a significant step on this journey.”

It’s essential that online merchants allow their customers to pay for goods and services easily, seamlessly, and in line with their personal preferences. Our partnership with Vyne delivers all of those benefits and more. The team’s deep understanding of the payments landscape, and the unparalleled functionality of its platform, make them the clear leader in their field, and the obvious partner to support BigCommerce with offering our merchants open banking payments tools

Vyne’s frictionless payment process increases conversion rates and streamlines cash flow via instant settlement. Security is also improved as all transactions are Secure Customer Authentication (SCA) compliant, significantly reducing fraud and eliminating chargebacks entirely. Automatic reconciliation is offered as standard. 

To learn more about Vyne in the BigCommerce Marketplace click below. 

BigCommerce selects Vyne as A2A payment partner for online merchants 

BigCommerce’s first open banking partnership enables merchant customers to accept instant payments, make refunds in real-time, and save up to 80% per transaction

In conversation

What macro-trends will impact the fintech sector in 2023?

It's hard to ignore the global macro-economic headwinds that are impacting every part of the economy, not just fintech. An economic downturn means possible slowdowns in payment volumes, but also makes a compelling case for why businesses need more efficient payment rails that are seamless, fairer and faster. Add to that a high inflation environment driving rising costs and squeezed margins for businesses, and I'd expect to see more merchants focusing on what they can control in the checkout, which is driving down their transaction costs and improving conversion through better UX. That means looking at alternatives to the card-based systems that deliver on those two goals - Open Banking in particular is really well placed to meet these needs.

What's the biggest risk to Open Banking over the course of 2023?

Open Banking payments are already here, and there's no going back - the benefits are too great for merchants and consumers, and the cat is to some extent out of the bag. However, the biggest risk is that the ecosystem doesn't continue to build on the single payment foundations of the Competition and Markets Authority (CMA) order in the UK and PSD2 in Europe (as well as other OB initiatives globally) by extending into more use cases such as subscriptions and direct debit replacements. There has rightly been a lot of talk about the advent of non-sweeping VRP, which will be a big part of that and has the potential to totally reshape the way we pay and get paid. But at the moment as an industry we're still testing and learning how this will work, so getting this right with engagement across Open Banking payment providers and banks is going to be key to delivering on the early promise of Open Banking in coming years. Across payments, navigating the likely upcoming recession is going to be top of mind for many businesses along with the usual suspects such as information security risk and fraud.

What regulation do you want to see implemented in 2023?

In the UK, the upcoming deadline for the implementation of the Financial Conduct Authority (FCA) Consumer Duty is welcome, ensuring all companies are putting the welfare of their merchants and consumers at the core of their business. This is something we've always strived to do at Vyne, and the rigour across the industry is going to improve consumer outcomes. We've also been working alongside peers on Joint Regulatory Oversight Committee (JROC)  consultations to plan for the future of Open Banking, and would love to start implementing some of the potential quicker wins that are being identified. In Europe, bringing in mandatory instant payments support with no consumer fees will be a fantastic step forward that will turbo-charge the growth of account to account payments.

How do you see Open Banking and the payments market in general evolving over the course of 2023?

2023 is going to be a breakout year for Open Banking payments, in the UK and across the world. We're going to see account-to-account payments becoming an established consumer behaviour in more and more markets, with merchants realising the benefits of offering it on their checkouts. It will be the default payment method in certain sectors such as automotive earlier than people realise.

Is Open Banking forming part of your 2023 plan?

What’s in store for Open Banking and fintech? 2023 Predictions

New year, new outlook? As we launch into a fresh new year our Strategy Director, Erik Öhrling, gives his opinion on what’s in store for Open Banking, payments and fintech in 2023. 

Through The Grapevyne

🎵Dianna Ross sang it best: I’m in the middle of a (crypto) chain reaction. 

The collapse of FTX has rightfully hit the headlines but what actually happened and what does it mean for the crypto industry? Here’s a timeline of events. 

So, now we’re all up to date. Why is this such a big news story? 

There have been a number of crypto collapses in the past year, so why has the downfall of FTX grabbed so much attention? Partly due to their size. They were one of the biggest Crypto players in the market with a portfolio of 1.2m customers. Then, it’s the profile of the CEO, Backman-Fried, who with background in financial services and political connections, managed to secure investment from some of the most reputable and trustworthy investors across the globe whilst remaining an ally to the incumbent financial services and a voice for consumer protection.   

What does this actually mean for the world of Cryptocurrency? 

Chief Revenue Officer at Vyne, Luke Flomo shares his opinion: “It’s a big blow. But it’s not dead. The past few weeks and I’m sure moving into the next month will be turbulent but the Cryptocurrency market has so much potential and it’s made up predominantly of high-risk investors who stick things out and are in it for the long haul. But what has been impacted are the long standing relationships with the wider financial services, regulators and short term credibility. 

As cryptocurrency becomes more embroiled in traditional financial services, a big worry is the impact any market shifts could have on wider financial stability. For now, it looks as though the markets have remained steady. But as more businesses enter into the world of Crypto, more due diligence is needed to ensure a stable market and protection reforms to ensure consumers and investors can access their funds quickly and easily, just like the reforms in the banking industry after 2008’s financial meltdown.

We’re already working with Cryptocurrency businesses who utilise Open Banking to provide this level of instant payments, allowing consumers to instantly withdraw funds, which can arrive in the consumers bank accounts in seconds.”  

Does the Western world really want an AliPay equivalent? Enter Elon and Twitter. 

During a live streamed meeting with Twitter advertisers Elon Musk this month announced his plans to propel Twitter into the payments arena. As founder of PayPal, which was successfully acquired by eBay for $1.5 billion in 2002, Elon has a wealth of experience in the payments industry. But what is Musk trying to achieve with Twitter’s foray into payments? 

On the live stream Musk explained his initial plans for in-app payments on ‘paywall’ content - meaning users would pay content creators to view videos - and then scale this infrastructure to create a balance account from which they can send peer-to-peer payments to other Twitter users. 

Mirroring the recent move from Apple which 

 for its cardholders, Elon dangled the idea of establishing bank accounts on Twitter with high-interest rates to attract users. He then added: ‘And then add debit cards, checks and whatnot and just basically make the system as useful as possible. And the more useful and entertaining it is, the more people will use it’. 

Is Musk looking to achieve what PayPal has yet to… the WeChat or AliPay of the Western world? 

An all encompassing app where consumers can create personal connections, chat, shop and make payments is something which is embedded into Chinese culture through WeChat and AliPay. With the rise of cardless payment methods across EMEA, LATAM and Australisia, Musk could be fighting a losing battle, as it becomes increasingly easy for people to make payments directly from their mobile banking app or without a card in sight, making the need for a social media payments mash up comes into question. 

Co-founder and CEO at Vyne, Karl MacGregor shared his thoughts: “The success of WeChat and AliPay in the Asia-Pacific market is undeniable. But if we applied that model to EMEA, it would be like forcing a triangle into a circular hole. The complexity of payment cultures across the globe are so acute that a one-size-fits all social-payments-platform which Musk is alluding to will be incredibly difficult to achieve as more and more countries start to move away from card payments. Meta has already struggled to gain adoption of its Meta Pay solution on Facebook and Instagram. So, what makes Twitter any different?

Localising a single platform for different geographic payments is complex as it would rely on fewer card payments than ever before. For example, German consumers pay by open invoice, in the Netherlands and Poland bank transfers are the preferred method of payment. In the UK, Open Banking is gaining traction and is set to reach a Global Market worth $123.7bn by 2031 according to 

. As a global platform, Twitter is at the risk of alienating whole countries of users by building a payment solution fit only for one market - the US.”

Interested in adding Open Banking powered account-to-account payments to your business? Get a demo!

Ep 8: FTX collapses and Elon plays with payments 

What a month. November saw the downfall of FTX and Musk announced Twitter's foray into payments. Let's get stuck in.

Retail

This year, Brits plan to spend an estimated £3.95 billion on Black Friday and Cyber Monday purchases 

. Although only taking-off in the UK in 2010, Black Friday and Cyber Monday have become a nationwide tradition ahead of Christmas. But there’s a dark cloud that looms over the weekend for merchants and consumers alike… bots.

In 2021, bots and fake users made up 35.7% of all online shoppers on Black Friday [Source: 

Although originally a simple snippet of code to automate manual tasks, bots (and the people who code them) have evolved. 

Bots simulate the actions of real people clicking through an ecommerce site in order to purchase multiple or limited edition products. After selecting the items to buy, bots known as ‘scalpers’ automate the actual purchase. They log in to premade accounts or create a guest account and complete the order from a batch of cards. The people behind the bots then resell the products at a higher ticket price to turn a profit. 

How can merchants tackle bots this Black Friday? 

There are a few ways you can stop bad bots in their tracks: 

Here’s how Open Banking powered payments works: 

You're able to convert more customers with cardless checkouts, verify each customer with Strong Customer Authentication and biometric identification and  retain more revenue by eliminating chargebacks.

Show the bots who’s boss, add Open Banking to your checkout. Request a demo today. 

Beat the bots this Black Friday 

Bad bots, bad bots, whatcha you gonna do? Whatcha you gonna do when they come for you? 

Reuters announced a draft law by the European Commission 

which would require European banks to offer instant Euro credit payments.  

The draft states: ‘Payment service providers (PSPs) that provide credit transfers in euro will be required to offer the service of sending and receiving IPs in euro. The requirement would cover 24 hours a day, 365 days a year.’

Due to be published next week, PSPs across Europe will have six months to get ready to receive and a year to send instant euro payments. 

 Until now (fingers crossed) the means to instantly transfer money has not been mandated to the banks resulting in slow and costly transactions for merchants and consumers alike. For example, when making a card payment the funds won’t arrive in the merchants account for days.

Instant payments will be made universally available and no longer come at a premium cost. In most cases instant payments will be free of cost or as much as a regular SEPA credit transfer. So European merchants can save more on every transaction while receiving funds on the same day.

Karl MacGregor, Vyne CEO states: ‘The industry has been crying out for this news. The European Commission's initiative to make available instant euro payments will put more pressure on high-cost payment providers. Open Banking powered account-to-account payments accompanied by instant payments will bolster the position of challengers amongst established payment methods, ensuring every merchant and customer gets more competitive, instant payment experiences across Europe.’ 

But we mustn't get our hopes up, the EU has long sought to create competition in an incumbent dominated market to little or no end. For example, the European Payments Initiative hit troubles 

 Let’s hope this law breaks the bad history and cements the future of European payments. 

The US wants a bite of the Open Banking cake

On the infamous Money2020 USA main stage, Rohit Chopra, Consumer Financial Protection Bureau (CFPB) Director this week 

announced that the CFPB is publishing a proposed ‘more decentralised and neutral consumer financial market’ across the US. 

Chopra made it clear that this wasn’t to be a parallel of UK and European standards, ‘while not explicitly an Open Banking or open finance rule, the rule will move us closer to it, by obligating financial institutions to share consumer data upon consumer request, empowering people to break up with banks that provide bad service, and unleashing more market competition.’ But it’s a step in the right direction. 

 CFPB wants to enable consumers to access their own financial information, such as transactions and account information and share it with the businesses they trust. This will open up use cases such as account switching for utilities providers, account aggregation to manage all bank accounts in one place and affordability checks to truly understand what consumers can afford. 

As the US moves fashionably late into an Open Finance era, what can be learned from the UK to ensure that the CFPB’s goal becomes a reality?

 Karl MacGregor, Vyne CEO says: ‘The US are in an enviable position. They can learn from the mistakes the UK and Europe made. Regulatory applications shouldn’t be a barrier to entry. Banks should be held accountable to timelines. Both consumers and businesses should benefit from the legislation.’   

MacGregor continues: ‘The next logical step would be payment initiation. The US could beat the UK and EU by standardising and mandating repeat payments and subscriptions through consent and trust tokens to create seamless payment experiences. Thirty-six percent of UK Open Banking API calls are payment initiations with the demand for fast, cost-effective and secure payments only increasing in the minds of merchants and consumers. If the US captures the addressable market for repeat payments, they’ll be empowering businesses to bypass expensive payment methods and consumers to easily remain in control of their outgoing recurring payments.

Another benefit of extending this rule to payments is that it would level the payments field creating more competition against exorbitant scheme and interchange fees that US businesses and consumers have been forced to carry for decades. Businesses will be able to retain more cash and increase cash flow, while consumers get seamless, more secure payment experiences.’ 

Good luck CFPB, we’re rooting for you. 

Want to see how Open Banking powered account-to-account payments can empower your business? 

Ep 7: Europe gets instant payments and the US wants a bite of the Open Banking cake 

It's been a bumper week for payments and Open Banking news out of Europe and the US. Let's get stuck in.

Automotive

With a number of Open Banking providers in the market, it’s important to pick the right

one to ensure you’re partnering with a winner. We’ve put together a checklist of questions to ask when evaluating providers to make sure you’re getting exactly what you and your customers need.

Let’s start with the basics. Are they a legitimate provider? 

Before you spend even a moment engaging with a potential Open Banking payments provider you need to check the basics: 

When you’ve narrowed down your list, ask the following questions to ensure you’re engaging with a regulated, professional and high-performing provider. 

Experience matters. Are they payments experts?

Payments are a critical business function and the company you entrust to process them needs to be experienced, reputable and trust-worthy. Don’t settle for less than experts. Dig into the leadership team experience and the founding story, make sure they’re not chancers looking for a quick win and ensure you’re working with a team who knows payments inside out. 

Have they built a full payments product suite for Automotive?

Open Banking alone doesn’t provide the necessary payments functionality to enhance business operations within your dealership and online. To make sure you’re getting a holistic product qualify that potential providers have built the following product functionality: 

Settlement accounts are an additional but fundamental part of an Open Banking payments product suite. Check with your provider that they offer settlement accounts to make batch settlement, refunds and reconciliation easier.

Will you get the support team for success?

Be sure to ask what support team you’ll be working with. You should have a dedicated commercial lead, integrations manager and customer success lead. Check what support hours are available to you, if they provide out of hours support and emergency SLAs. 

Have they got all of the regulatory necessities? 

Potentially boring for some but crucial to have. There are a number of processes that providers need to ensure they are abiding by the FCA Handbook to act as a legitimate financial institution. Tick off the list below:

Your provider should be happy to answer any questions you have, and be as honest and transparent as possible. At Vyne, we’ll be happy to walk you through each step of the customer journey, and find the right fit for Open Banking in your dealerships.

Ready to start accepting fairer, faster and more secure payments in your dealership and online? 

The complete Open Banking checklist for Automotive

You’ve decided you want to start taking account-to-account payments using Open Banking so you can offer your customers a more seamless and secure way to pay online and in your dealerships. What’s next?

Announcement 

a commercial and technological partnership with Vyne, the specialist account-to-account (A2A) payments platform.

This new partnership will provide greater choice for merchants who use the BR-DGE platform, optimising the merchant and consumer payment experience. BR-DGE merchants will benefit from Vyne’s Open Banking solution, which allows payments via bank transfer at a low cost for merchants. Each payment made through Vyne is also automatically Strong Customer Authentication (SCA) compliant, dramatically reducing the risk of fraud for customers and merchants while eliminating chargebacks, all without impacting conversion. 

Through a single point of integration, BR-DGE’s merchants can access a world of payment providers, anti-fraud capabilities and alternative payment methods (APMs). Leveraging Vyne’s Open Banking powered payments solution, BR-DGE’s merchants will be able to reduce transaction fees and improve conversion rates and cash flow. 

Vyne's full stack solution enables merchants to receive customer funds instantly and further offer the ability to process full and partial refunds in real-time, as well as pay-outs and batched settlement with full reconciliation. The Secure Customer Authentication (SCA) embedded payment process will help to improve merchant checkout conversions by offering a seamless user experience via different channels, including online checkouts, payment by SMS, chat or email, and QR codes.

The collaboration will stimulate growth for both businesses as BR-DGE and Vyne innovate to improve the merchant and consumer payment experience. It builds on BR-DGE recently announcing a merchant partnership with leading independent travel company, Travel Counsellors. Vyne's solution recently went live with a number of brands in the THG portfolio, including Myprotein, Glossybox, and Pop In A Box.

Commenting on the partnership, Tom Voaden, Strategic Partnership Lead at BR-DGE, said

“We are thrilled to be partnering with Vyne to enhance our payment offering to both merchants and their customers. At BR-DGE, we understand the immense benefits of Open Banking and are leveraging its power to provide a frictionless payment experience for all. 

This latest partnership with Vyne further solidifies our Open Banking capabilities and ensures that our merchants continue to have access to the most convenient and secure payment solutions available. It also presents brilliant opportunities for both firms as we continue our journey of growth.”

Luke Flomo, Chief Revenue Officer at Vyne, added:

“Merchants should be able to enhance their payments proposition easily, without strenuous development. BR-DGE enables merchants to seamlessly add payment methods through a single, simple integration. By adding Vyne’s Open-Banking-powered Pay with Bank to BR-DGE’s ecosystem, more merchants will be able to benefit from fairer fees, increased conversion and real-time cash flow. Our partnership with BR-DGE is an exciting move in our wider partnership's strategy.”

Vyne partners with BR-DGE to improve merchant and consumer payment experience

Partnership between payment orchestration provider, BR-DGE, and account-to-account payments platform, Vyne, will secure greater choice for merchants, optimising the user experience and providing a higher level of security via biometric verification.

Vyne, the specialist account-to-account payments platform, today announces that in a global first, leading automotive retailer Pendragon PLC will offer its account-to-account payment method as the first and preferred payment method both in-dealership and in the future online. The partnership will introduce Vyne’s account-to-account payment capabilities to Pendragon’s automotive brands, including Evans Halshaw, Stratstone and CarStore.

Based on Open Banking technology, the integration between Vyne and Pendragon eliminates the need for manual bank transfers, which can be prone to manual errors due to a more involved user experience. As account-to-account payments are instant, it also enables customers to make a deposit and/or leave with their vehicle on the same day, easing the experience of purchasing a car and increasing dealership conversion rates. 

The first stage of the partnership will involve in-showroom account-to-account payments being offered by all Pendragon brands including Evans Halshaw, Stratstone and Carstore dealerships in Q3 2022 - the first implementation of in-dealership open banking payments being offered by an automotive brand globally.  When a customer is ready to make a deposit, the sales team will initiate a payment link to the customer, who can then make the deposit payment directly from their phone while at the dealership or later from the comfort of their own home if they prefer.

The second stage of Vyne and Pendragon’s partnership will see Vyne’s account-to-account payments technology rolled out across all Pendragon owned automotive websites in Q3 2022.

Pendragon’s Chief Executive Officer, Bill Berman commented

 “We’re excited to be the first automotive brand in the world to offer account-to-account payments in dealerships. Innovation is at the heart of our business and we remain committed to transforming automotive retail through digital innovation. By working with Vyne to enable customers to seamlessly make instant deposits, we continue to enhance the experience of purchasing a vehicle for the hundreds of thousands of customers we welcome every year, as well as, reduce our own operational costs.” 

Founded by true payments experts, Vyne’s innovative technology brings together decades of combined industry experience to deliver direct, highly secure, instant payments. The full-stack account-to-account solution enables Pendragon PLC to effectively manage payments, including full and partial refund functionality and automated reconciliation and notifications. By offering account-to-account payments, Pendragon’s brands can bypass card networks and their associated fees, reducing costs and accelerating cash flow with instant settlement.

Karl MacGregor, CEO and Co-founder, Vyne, adds: 

First in-store Open Banking payments for automotive sector launched by Vyne and Pendragon

Vyne’s account-to-account payment method to be offered as first and preferred payment method by leading motor retailer, with 60% adoption anticipated in first 12 months.

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