Vyne & Wix partner for Open Banking solution

Vyne has announced a partnership with Wix.com to provide merchants on its platform with an Open Banking solution.

The partnership between the pay with bank account-to-account (A2A) provider and the software as a service (SaaS) platform will give Wix’s UK-based merchants access to Vyne’s Open Banking payments infrastructure and enable them to offer customers the ability to pay directly from their preferred mobile banking app.

Wix merchants in the UK will be able to receive consumer funds, issue instant full and partial refunds, payouts, and batched settlements with full reconciliation.

The frictionless payment process will help to improve merchant checkout conversions by offering a seamless 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, the companies said.

Luke Flomo, chief revenue officer at Vyne, said: “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.”

He added: “This is an exciting step on our journey to create an ecosystem that redefines the payment experience for merchants and consumers.

“It’s made even easier by the self-onboarding functionality we have developed in-house, which enables merchants to onboard and integrate account-to-account payments into their checkout quickly and easily.”

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