BR-DGE, Vyne to optimise consumer payment experience

Tuesday 27 September 2022 12:21 CET | News

BR-DGE, a payment orchestration provider, has partnered with Vyne, an account-to-account (A2A) payments platform, to optimise consumer experience.

This new partnership will provide greater choice for merchants who use the BR-DGE platform, optimising the merchant and consumer payment experience. BR-DGE merchants will benefit from Vyne’s Open Banking solution, which allows payments via bank transfer at a low cost for merchants. Each payment made through Vyne is also automatically Strong Customer Authentication (SCA) compliant, reducing the risk of fraud for customers and merchants while eliminating chargebacks, all without impacting conversion.

Through a single point of integration, BR-DGE’s merchants can access a world of payment providers, anti-fraud capabilities, and alternative payment methods (APMs). Leveraging Vyne’s Open Banking powered payments solution, BR-DGE’s merchants will be able to reduce transaction fees and improve conversion rates and cashflow.

Vyne's full stack solution enables merchants to receive customer funds instantly and further offer the ability to process full and partial refunds in real-time, as well as pay-outs and batched settlement with full reconciliation. The SCA embedded payment process will help to improve merchant checkout conversions by offering a simple user experience via different channels, including online checkouts, payment by SMS, chat or email, and QR codes.

BR-DGE’s partnerships on Open Banking

The collaboration builds on BR-DGE recently announcing a merchant partnership with Travel Counsellors. Vyne's solution recently went live with a number of brands in the THG portfolio, including Myprotein, Glossybox, and Pop In A Box.

BR-DGE, a payment orchestration provider, partners with Vyne, an account-to-account payments platform, to optimise consumer experience.

In 2021, BR-DGE has also formed a partnership with Open Data and payments platform Moneyhub to accelerate the use of Open Banking payments to provide a new digital way to pay. BR-DGE integrates Moneyhub’s Open Banking technology into its platform, which acts as a single point of integration for a world of payment options. This means merchants no longer need to pick and choose between one or two payment providers at great cost and administrative burden.

Benefits of Open Banking for merchants and consumers include reduced card transaction fees, instant payment settlement, better user experience, and increased security. Consumers can pay online without fear of having their card details stolen and merchants can take advantage of this SCA compliant payment option.

The benefits of Open Banking for merchants

As James Curran, UK sales manager at Yolt, mentions in a recent article, merchants view payments as something complex. There are usually a number of relationships and contracts that need to be managed, including with (multiple) PSPs, payment methods, fraud solutions, and more. PSPs wield significant power in terms of when and how much money merchants get in terms of disputes with customers.

Open Banking payments can help them as there is no need to ask the customer for card details or to sign up to use different payment methods. This simple, intuitive flow reduces complexity and resonates with customers, and means brands can own a greater share of the checkout experience.

Businesses such as utilities and lenders can improve conversion by offering automated recurring payments, or – if they miss a payment – following up with a QR code or text message that redirects the customer directly to their in-app bank environment.Open Banking payments and account information can help businesses meet and beat different challenges in many ways.

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Keywords: fintech, partnership, payments , merchant, account-to-account payment
Categories: Banking & Fintech
Companies: BR-DGE, Vyne
Countries: United Kingdom
This article is part of category

Banking & Fintech




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