Vyne: Payments Perfected

  • Product Reviews
  • 19.11.2021 05:10 pm

What does Vyne do?

Vyne is a full stack account-to-account payments platform for online businesses. We are enabling merchants to bypass card networks and their associated fees and move funds between bank accounts in real-time, driving business growth by lowering costs, increasing conversions, and accelerating cash flow. 

Our market-first approach combined with our challenger attitude is paving the way to set a new course for the payment industry. With a vision to drive democratisation of payments, we are challenging the outdated banking payment solutions to benefit merchants and consumers. We have perfected payment solutions with an approach that is more modern, transparent, and seamless, and benefits both buyers and sellers. 

Vyne provides 99% coverage of retail banking in the UK including all the CMA9 and challenger banks, plus over 90% coverage in key European markets. 

Who needs Vyne?

While the digital world is constantly evolving, existing payments and banking solutions remain unchanged - and stacked against merchants and consumers. In this new, pandemic-influenced world of eCommerce, merchants and consumers want speedy, secure and convenient customised payment experiences - making open banking payments the best option for all stakeholders. 

Realising the potential of open banking and its wide-ranging benefits, Vyne serves eCommerce merchants across multiple verticals including retail, e-gaming, travel, automotive, cryptocurrency, and remittance. We work with big and small merchants and empower them to access faster, transparent, open, and fair payments. 

What is special about Vyne?

Everything we do is grounded in three key principles - making payments faster, simpler and cost effective. 

Faster: Customers can avail faster payment settlements that will lead to immediate boost in cash flow and quicker transactions. 

Simpler: We offer simpler and hassle free technology integration to improve customer experience and drive lifetime value. Payments at Vyne can be done by consumers in three clicks, and merchants can engage customers through more digital channels such as QR codes and pay-by-link, which can be sent by email, SMS or in person. 

Cost effective: Our account-to-account payment solutions benefit merchants to save money through lower transaction fees. We increase adoption through education, collaboration and partnerships to cultivate long-term relationships. We are accelerating progress through innovation & forward thinking.

We take security very seriously and offer a safer form of payments. Each and every payment made through Vyne is highly secure and automatically Strong Customer Authentication (SCA) compliant, dramatically reducing the risk of fraud for customers and merchants. We allow customers to make payments directly from their own verified bank account, with authentication carried out quickly and seamlessly, reducing friction and improving the customer experience. 

Our innovative open banking technology and solutions bring together over decades of combined industry experience to ensure direct, secure, faster payments. We have deep experience in payments that  ensures greater experiences for our users as customers or partners. With our cutting-edge payment solutions, our partners can offer a seamless digital payment experience.

What features are relevant?

Our key features include a seamless and secure checkout, unique payment options, and easy refunds.

Our checkout provides a seamless and secure experience that allows customers to pay from their bank account in as little as three clicks. Whether you are making a physical retail payment using an app or QR code, or an eCommerce payment on a hosted page or via direct integration, our checkout process works in every scenario. Unlike many other providers, Vyne manages web and mobile hand-off to ensure a seamless experience despite the device you are using. The most popular banks are automatically displayed first, with customers having the option to search for their own bank alternatively. 

Our unique payout options allow users to instantly pay partners, customers, or suppliers. This feature supports the marketplace model and can be integrated seamlessly into existing operations. For sectors such as online gaming or gambling, this offers an advantage as customers have almost instant access to their funds straight from their E-wallets. It’s our aim to deliver a consistent experience whether you are making a payment, or being paid. 

In addition, we provide merchants with distinctive refund features that allow them to offer instant and easy refunds to customers whether partial or in full. Merchants can issue refunds individually or in bulk, allowing for easy reconciliation with real-time notifications.

Who is Vyne’s competition?

Other providers in the market provide open banking enabled solutions, however Vyne uniquely offers a full stack solution. This means that we offer the whole package a client or partner needs. We collect payments, provide real-time notification of settled funds, allow refunds & payouts, offer enhanced reporting, all whilst delivering the best possible journey for customers. 

What are some real case examples?

We recently partnered with RemitONE, a leading global, technology and business services firm for the remittance world. We provide RemitONE's 100+ remittance clients instant access to our smart payment solutions, becoming the fastest, most cost effective way for their customers to send remittances globally. Our easy-to-integrate open banking solutions enabled RemitOne's client to cut the transaction time from days to seconds, quicker than ever. 

We also offer our payment solutions to 2.83 million students renting accommodation through our partnership with Kinetic, the UK’s leading provider of student accommodation, event and catering management software for 80% of the UK and Ireland's universities. For Kinetic’s clients this partnership means that less money is lost through card fees, fund settlement is instant, and the risk of fraud significantly reduced.

Our streamlined user experience allows students to pay their rent directly from their account in as little as three clicks. With QR codes that can be used for in-person payments and pay-by-links which can be sent by email, SMS or messenger, students can even secure rent contributions from their parents no matter where they are in the UK and Europe. 

 
Payvyne

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