Vyne has partnered with Keyloop to enable automotive dealers and their customers to pay and get paid with an alternative and optimised payment method powered by Open Banking. According to the official press release, customers can pay for deposits, parts and servicing, and full payments, directly from their own mobile banking app or online banking.

Instant Open Banking powered account-to-account payments will be available to Keyloop’s customers in the UK through Payments, which is integrated with the Keyloop DMS. This partnership is part of Vyne’s ongoing mission to make open banking powered account-to-account payments easily accessible so that more dealers and OEMs can benefit from: A lower fee on all transactions made through Vyne – from deposits to aftersales – saving dealers and OEMs up to 80% compared to card;  A new payment process for car buyers and owners. It takes just a few taps to complete a cardless payment through the customer’s mobile banking app;  Quicker settlement times for dealers and OEMs as funds reach their bank accounts almost immediately;  Easier refund process with one click requests and approvals through Vyne’s portal and, the money arrives instantly in the consumer’s account;       Provide car buyers and owners with a more secure payment option with two-factor authentication and a biometric sign-in (such as touch ID or facial recognition) with authentication through the customer’s mobile banking app.

Open Banking transactions are authorised directly with banks through mobile banking apps or online banking in real-time, and funds transfer instantly. This means that automotive retailers can provide a smoother purchasing process for customers, as well as a real-time view of cash flow, allowing businesses to retain more money and boost operational processes. About Vyne 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. Vyne Technologies Ltd is authorised and regulated by the Financial Conduct Authority (FCA) as an Authorised Payment Institution. .