The partnership will give Wix’s UK based merchants access to Vyne’s open banking payments infrastructure, enabling them to offer their customers the ability to pay directly from their mobile banking app.
With seamless eCommerce now fundamental to successful retail, this partnership will give Wix’s merchants in the UK access to Vyne's full stack pay with bank payment solutions, including receiving consumer funds, instant full and partial refunds, payouts, batched settlement with full reconciliation, and more. The frictionless payment process will help to improve merchant checkout conversions by offering a seamless UX via different channels, including online checkout, payment by SMS, chat or email, and QR codes for static or dynamic payment content - all enabling consumers to make payments in as little as three clicks.
In addition, as a result of extensive in-house development work, Vyne is offering Wix merchants in the UK market-leading auto-onboarding - allowing merchants to sign up and complete the Know Your Business (KYB) process in a matter of minutes. This saves merchants valuable hours and allows them to rapidly start reaping the benefits of open banking.
Once approved, merchants also have access to Vyne’s merchant portal, featuring advanced reporting capabilities, as well as enabling merchants to filter transactions, make refunds, check payment statuses, reconcile payments, and settle funds to their bank account.
Luke Flomo, Chief Revenue Officer, Vyne, says: “Trading conditions are tough right now, and rising card scheme fees paired with other macroeconomic challenges are hitting the smallest merchants the hardest. That’s why we are launching an open banking proposition for SME retailers in conjunction with Wix, so merchants of all sizes can benefit from open banking’s lower fees and instant settlement.”
“This is an exciting step on our journey to create an ecosystem that redefines the payment experience for merchants and consumers. It’s made even easier by the self-onboarding functionality we have developed in-house, which enables merchants to onboard and integrate account-to-account payments into their checkout quickly and easily.”
Amit Sagiv and Volodymyr Tsukur, Co-Heads of Wix Payments, add “Our platform gives merchants the freedom to create, manage and grow their web presence exactly the way they want, and we believe this extends to payments. We are always working to provide Wix merchants with a variety of convenient and innovative hyper-local payment solutions. We’re happy to be partnering with Vyne to give our merchants in the UK even more flexibility in the payment methods they offer their customers to help them and remain competitive, increase conversions and ultimately grow their revenues.”
Vyne uses open banking to move money in real time between bank accounts, bypassing long-established, outdated card networks and their associated fees. By eliminating the need for traditional card rails, Vyne enables merchants to pull payments directly from a customer's bank account to make payments more secure and efficient. Vyne’s infrastructure also simplifies merchant operations by offering automated reconciliation as standard.