Through this product launch, the UK-based financial services provider wants to help merchants to automate, manage and verify payouts without having to rely on an integration. In essence, the solution aims to assist merchants in streamlining customer payouts through Open Banking account verification. Vyne is initiating the rollout of the no-code verified payouts solution through a limited beta programme, and participating merchants will be able to access a three-month free trial with no obligations.
Utilising an email link, merchants can automatically validate a customer's account without the need for manual documentation checks, reducing administrative overhead. This process aims to expedite account verification for end-customers, offering a digital verification solution within their mobile banking app. Furthermore, the instant transfer of funds follows the completion of this simplified verification process.
Vyne's verified payout solution was designed to work in industries such as pre-owned automotive vehicle sales, luxury retail reselling, and pawnbroking. Sellers can receive instant funds for their transactions, providing confidence to dealerships and retailers regarding accurate payment recipients. The application of this solution extends to financial services use cases, including travel money buybacks, insurance claims, and investment withdrawals. By minimising fraud and optimising the customer experience, verified payouts have the potential to improve various financial transactions such as payments to hosts or providers on travel platforms.
In the company press release, officials from Vyne noted that the current payout processes are labour-intensive and time-consuming for consumers. The introduction of the beta version of the no-code verified payouts solution leverages Open Banking to establish a consumer-driven verification process, enabling sellers to receive payouts promptly. This advancement aims to eliminate the need for extensive administrative efforts to verify seller identities, providing a scalable platform for merchants to enhance their business operations and improve the customer sales experience.
Vyne representatives also emphasised that the solution not only streamlines payout processes for merchants but also enables them to differentiate their offerings in a competitive market. With consumers increasingly expecting immediate outcomes, Vyne's no-code verified payouts offer instant payments for services such as used car purchases and travel money buy-backs. Merchants can leverage this competitive advantage to provide customers with swift fund transfers, contributing to an enhanced overall experience.
In January 2023, Vyne partnered with US-based ecommerce company BigCommerce to offer A2A payments to online clients. This collaboration represented BigCommerce’s first partnership in the Open Banking field, and its aim was to offer merchants, customers, and users the possibility to accept instant payments and make refunds in real-time.
Vyne uses Open Banking to power account-to-account payments for online businesses with the aim to positively influence the future of payments. The company allows customers to move money in real-time by paying directly from their bank account and payments are completed in seconds, bypassing expensive and slow traditional methods.
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