Vyne, Pendragon launch A2A payments for the automotive sector

Monday 19 September 2022 13:33 CET | News

A2A payments operator Vyne has been selected as the preferred payment method by British motor retailer Pendragon, with 60% adoption anticipated in first 12 months.


Pendragon will offer Vyne’s account-to-account payment method as the first and preferred payment method in dealerships and soon online. The partnership will introduce Vyne’s account-to-account payment capabilities to Pendragon’s automotive brands, including Evans Halshaw, Stratstone, and CarStore.

The full-stack account-to-account solution offered by Vyne enables Pendragon to effectively manage payments, including full and partial refund functionality and automated reconciliation and notifications. By offering A2A payments, Pendragon’s brands can bypass card networks and their associated fees, reducing costs and accelerating cash flow with instant settlement. 

As the company press release detailed, the integration between Vyne and Pendragon eliminates the need for manual bank transfers, which can be prone to manual errors due to a more involved user experience. As account-to-account payments are instant, it also enables automotive customers to make a deposit or leave with their vehicle on the same day, easing the experience of purchasing a car and increasing dealership conversion rates.

A2A payments operator Vyne has been selected as the preferred payment method by British motor retailer Pendragon, with 60% adoption anticipated in first 12 months.

Stages of implementation for Vyne’s A2A payments service

The first stage of the partnership will involve in-showroom account-to-account (A2A) payments being offered by all Pendragon brands including Evans Halshaw, Stratstone, and Carstore dealerships in Q3 2022. When a customer is ready to make a deposit, the sales team will initiate a payment link to the customer, who can then make the deposit payment directly from their phone while at the dealership or later from the comfort of their own home if they prefer. 

The second stage of Vyne and Pendragon’s partnership will see Vyne’s A2A payments technology rolled out across all Pendragon-owned automotive websites in Q3 2022. 

To support sales teams across the group with the rollout, Pendragon has collaborated with Vyne to develop a rich online training programme. Vyne will also provide ongoing support as needed to drive further awareness and adoption of Open Banking payments. 

Vyne: recent partnerships and product expansions

Vyne uses Open Banking to power account-to-account payments for online businesses, setting the course for the future of payments. Customers move money in real-time by paying directly from their bank account and payments are completed in seconds, bypassing expensive and slow traditional methods.

In February 2022, Vyne has partnered with cloud-native payment orchestration platform (POP) Gr4vy to bring Open Banking payments to online merchants. The partnership promises to give Gr4vy’s merchant partners access to Vyne's account-to-account payment processing solutions.

In August, Vyne partnered with global SaaS platform to launch its SME proposition. In this case, the partnership gave Wix’s UK-based merchants access to Vyne’s Open Banking payments infrastructure, enabling them to offer their customers the ability to pay directly from their mobile banking app, according to the official press release.

Most recently, Vyne signed a partnership with global solutions provider for automotive dealer management Pinewood to deliver Open Banking payments. Like in the case of Pendragon, the integration between Vyne and Pinewood eliminates the need for manual bank transfers by leveraging Open Banking technology.

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Keywords: account-to-account payment, Open Banking, Open Banking payments, PSD2, Open Finance
Categories: Banking & Fintech
Companies: Pendragon, Vyne
Countries: United Kingdom
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Banking & Fintech




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