Vyne, the specialist account-to-account payments platform, today announces a new partnership with Gr4vy, a leading cloud-native payment orchestration platform (POP), that will give online merchants access to open banking payments infrastructure.
Vyne’s frictionless payment process will improve merchant 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.
Shoppers today expect easy returns and refunds along with a seamless shopping experience. Research conducted by Vyne in Q4 2021 found that 43% of consumers had to chase down refunds for online purchases, leaving them feeling frustrated and angry with retailers. With Vyne’s open banking technology, Gr4vy’s merchants will be able to offer refunds in real time to their buyers, which plays a vital role in customer loyalty.
Luke Flomo, Chief Revenue Officer, Vyne, says: “In keeping with our common vision of creating an ecosystem that redefines the payment experience for merchants and consumers, we are excited to partner with Gr4vy to introduce Open Banking to the masses. Founded by industry veterans, Gr4vy’s market-leading cloud based platform offers the ultimate scalability, our partnership empowers both merchants and consumers to access account-to-account payments’ security, speed, efficiency, and cost effectiveness.
“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.”
John Lunn, Founder and CEO, Gr4vy, says: “Offering the right payment methods with the right providers is essential to an effective payments strategy for online retailers. 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.”
Vyne uses Open Banking to move money in real time between bank accounts, bypassing long-established, outdated card networks and their associated fees. With Vyne’s open banking technology, merchants can access a single view of transaction data that will provide 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 to make payments more secure and efficient. Vyne’s infrastructure also simplifies merchant operations by offering automated reconciliation as standard.
This announcement follows Vyne’s recent announcement that its payment solution went live on the checkouts of Myprotein, Glossybox, ESPA, Zavvi, Coggles, mio Skincare, Myvegan, Beauty Expert, Allsole and Pop In A Box.