The account-to-account payments platform Vyne has formed a new partnership with the cloud-native payment orchestration platform (POP) Gr4vy, giving its online merchants access to open banking payments infrastructure.
This partnership will give Gr4vy’s merchant partners access to Vyne’s full account-to-account payment processing solutions. Once referred, Vyne’s integration process will allow merchants to offer more efficient payments, and enable close-to-instantaneous settlements by bypassing high-cost middlemen.
With eCommerce becoming the cornerstone of retail, Vyne’s frictionless payment process will improve merchant conversions by offering a seamless user experience via different channels, including online checkout, payment by SMS, chat or email, and QR codes for static or dynamic payment content.
Shoppers of today expect easy returns and refunds to compliment the shopping experience. Research conducted by Vyne in Q4 2021 found that 43 per cent of consumers had to chase down refunds for online purchases, leaving them feeling frustrated and angry with retailers.
With Vyne’s open banking technology, which can move money in real-time between bank accounts whilst bypassing outdated card networks and their associated fees, Gr4vy’s merchants will be able to offer refunds in real-time to their buyers, which plays a vital role in customer loyalty.
“Both merchants and consumers have so much to gain from account-to-account payments’ security, speed, efficiency, and cost-effectiveness,” Vyne’s CEO Karl MacGregor explains.
“Accessing traditional and innovative payment solutions with the click of a button is the future of payments. It is our mission to restore payment power to merchants and their customers. The only way to regain such power as the world evolves digitally is through open banking.”
Vyne allows merchants to view transaction data within a single interface, providing them with an enhanced understanding of their business as well as greater control over their finances.
By eliminating the need for traditional card rails, Vyne enables merchants to pull payments directly from a customer’s bank account; making payments more secure and efficient. Vyne’s infrastructure also simplifies merchant operations by offering automated reconciliation as a standard.
“Offering the right payment methods with the right providers is essential to an effective payments strategy for online retailers,” John Lunn, Gr4vy Founder and CEO explains. “Gr4vy’s goal is to modernise payment infrastructure by empowering merchants to expand and manage their payment stacks, and working with Vyne’s Open Banking technology will enable us to provide the instant, low-cost, and easy-to-use payment solutions that will enable merchants to stay competitive.”