Pinewood and Vyne Drive Open Banking Adoption in Automotive Sector
- Open Banking
- 01.09.2022 10:15 am
Vyne, the specialist account-to-account payments platform, today announces that it has been selected to deliver Open Banking payments to Pinewood, one of the leading global solutions for automotive dealer management. Vyne is now integrated with Pinewood DMS – providing dealers with an instant payment added to their digital omnichannel offering.
Neville Briggs, Managing Director, Pinewood Technologies, comments: “Car buyers are increasingly looking for the omnichannel option when looking for a new vehicle. We recognise the importance of providing a low-cost, simple, and secure solution to dealers and this includes our payment offering.
Vyne’s open banking software removes the hassle of sharing bank details or personal data, and the latest integration with Pinewood DMS means dealers can be confident when requesting payments for vehicle sales and service work, enhancing our digital offering.”
The integration between Vyne and Pinewood eliminates the need for manual bank transfers by leveraging Open Banking Technology. Although a common payment method in the UK automotive industry, manual bank transfers can offer a poor user experience prone to manual errors, especially when compared to account-to-account payments, which can be completed securely in as little as three clicks on a consumer’s smartphone.
In addition, as account-to-account payments are settled in real-time, Pinewood’s integration with Vyne enables customers to make a deposit and leave with their vehicle on the same day. For consumers, this enhances the experience of purchasing a new vehicle, and for dealers, it increases conversion rates.
Pendragon PLC is one of the UK's leading automotive retailers, serving hundreds of thousands of customers online and in-dealership every year. Pendragon’s brands can now bypass card networks and their associated fees by offering Vyne’s payment solution, which reduces costs and accelerates cash flow with instant settlement.
Bill Berman, Chief Executive Officer, Pendragon PLC, comments: “Customers are at the heart of what we do, and we strive to provide the best possible experience for those choosing their next car. It was great to become the first automotive brand in the UK to offer account-to-account payments in dealerships in June and now, by also integrating Vyne into Pinewood DMS, we are thrilled to be able to improve the automotive retail experience for more customers across the country.”
Vyne’s innovative technology eliminates middlemen while improving the consumer experience - providing faster, simpler, cost-effective payments. By integrating Vyne into Pinewood DMS, automotive dealerships will be able to offer Vyne’s full-stack account-to-account payment solution to all customers, initially through in-store payment operations and in future on their websites.
Karl MacGregor, CEO and Co-founder, Vyne, adds: “It’s fantastic that Pinewood has chosen to offer Vyne’s Open Banking solution to its customers. As Pendragon is one of the largest and most influential automotive retailers in the UK, we are thrilled to be the selected account-to-account provider trusted in providing a seamless Open Banking experience to even more automotive customers.”
Vyne integration in Pinewood DMS is available now to all Pinewood customers.