Vyne’s open banking payments go live on 10 THG brands
Dec 02, 2021 · 2 minutes
Vyne, the specialist open banking powered account-to-account payments platform, today announces that its payment solution is now live on the checkouts of 10 brands in the THG plc portfolio; namely Myprotein, Glossybox, ESPA, Zavvi, Coggles, mio Skincare, Myvegan, Beauty Expert, Allsole and Pop In A Box. It’s the first step in a wider integration that will see Vyne’s solution offered as a payment method for 25 THG brands in total.
Based on Open Banking technology, these integrations will allow consumers to make ecommerce payments directly to the THG brands and retail sites. Vyne’s payment method enables consumers to pay from their banking app, eliminating the need for card details and in turn speeding up the checkout experience and reducing cart abandonment. As every transaction is completed through the consumer's own banking app, the payments are more secure as the purchaser is verified through biometric recognition, such as facial recognition or thumb print, and bank-level security, reducing the risk of fraud.
The brands offering Vyne can bypass card networks and their associated fees, helping to reduce costs and chargebacks, boosting conversions through optimised multi-channel user experiences and accelerating cash flow with instant settlement.
John Gallemore, CEO of THG Ingenuity, the proprietary, end-to-end technology and operating platform that powers all THG brands, said: “Our aim is to consistently improve and innovate across the platform to provide shoppers with the widest possible payment choice and ultimately enhance customer experience. The addition of Vyne to our range of payment options is another step forward in this evolution.”
Founded by true payments experts, Vyne’s innovative technology brings together decades of combined industry experience to ensure direct, secure and faster payments. Vyne’s full-stack account-to-account solution provides a way for ecommerce retailers to effectively manage payments including full and partial refunds, automated reconciliation and notifications, and a view of real-time cash flow.
Karl MacGregor, CEO at Vyne, adds: “We are delighted that some of THG’s leading ecommerce brands will be adding Vyne’s account-to-account payments to their checkouts. This announcement marks Vyne’s expansion into the retail sector, with alternative payment methods continuing to grow in prominence.”