Vyne partners with Wix

As a result, Vyne will be able to create, manage, and grow an online presence. The partnership will give 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. 

With seamless ecommerce now fundamental to successful retail, this partnership will give Wix’s merchants in the UK access to Vyne's full stack pay with bank payment solutions, including receiving consumer funds, instant full and partial refunds, payouts, batched settlement with full reconciliation, and more. The payment process will help to improve merchant checkout conversions by offering a better UX via different channels, including online checkout, payment by SMS, chat, or email, and QR codes for static or dynamic payment content – all enabling consumers to make payments in as little as three clicks, says the official press release.  

In addition, because of extensive in-house development work, Vyne is offering Wix merchants in the UK market auto-onboarding – allowing merchants to sign up and complete the Know Your Business (KYB) process. This saves merchants valuable hours and allows them to rapidly start reaping the benefits of Open Banking. 

Once approved, merchants also have access to Vyne’s merchant portal, featuring reporting capabilities, as well as enabling merchants to filter transactions, make refunds, check payment statuses, reconcile payments, and settle funds in their bank account.  

Vyne’s Chief Revenue Officer said that ‘trading conditions are tough right now, and rising card scheme fees paired with other macroeconomic challenges are hitting the smallest merchants the hardest. That’s why we are launching an Open Banking proposition for SME retailers in conjunction with Wix, so merchants of all sizes can benefit from Open Banking’s lower fees and instant settlement’.

Wix Payments’ Co-Heads added that their ‘platform gives merchants the freedom to create, manage, and grow their web presence exactly the way they want, and Wix believes this extends to payments. We are always working to provide Wix merchants with a variety of convenient and innovative hyper-local payment solutions’. By partnering with Vyne, Wix seeks to give merchants in the UK even more flexibility in the payment methods they offer their customers to help them and remain competitive, increase conversions and ultimately grow their revenues’.

Vyne uses Open Banking to move money in real time between bank accounts, bypassing long-established, outdated card networks and their associated fees. By eliminating the need for traditional card rails, Vyne enables merchants to pull payments directly from a customer's bank account to make payments more secure and efficient. Vyne’s infrastructure also simplifies merchant operations by offering automated reconciliation as standard, according to the company.