Pinewood partners with Vyne

Monday 5 September 2022 15:22 CET | News

Account-to-account payments platform Vyne has partnered with global solutions provider for automotive dealer management Pinewood to deliver Open Banking payments.


Account-to-account payments platform Vyne has partnered with global solutions provider for automotive dealer management Pinewood to deliver Open Banking payments.


Vyne is now integrated with Pinewood DMS – providing dealers with instant payments added to their digital omnichannel offering. According to the Managing Director of Pinewood Technologies, ‘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, improving our digital offering’. 

The integration between Vyne and Pinewood reportedly 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, the official press release states. 

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 improves the experience of purchasing a new vehicle, and for dealers, increases conversion rates.  

Pendragon is a UK-based automotive retailers, reportedlyserving 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. Vyne’s technology seeks to eliminate middlemen, while improving the consumer experience.

Vyne wants to provide faster, simpler, and 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. Vyne integration in Pinewood DMS is available now to all Pinewood customers. 

About Vyne 

Vyne uses Open Banking to power account-to-account payments for online businesses. Customers move money in real-time by paying directly from their bank account and payments are completed in seconds, bypassing traditional methods. Vyne Technologies is authorised and regulated by the Financial Conduct Authority (FCA) as an Authorised Payment Institution. 

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Keywords: partnership, Open Banking, account-to-account payment
Categories: Banking & Fintech
Companies: Vyne
Countries: United Kingdom
This article is part of category

Banking & Fintech


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