London, UK – 21 February 2022: Vyne, the specialist account-to-account payments platform, today announces a new partnership with Gr4vy, a leading cloud-native payment orchestration platform (POP), that will give online merchants access to open banking payments infrastructure.
Gr4vy’s cloud native payment orchestration platform enables merchants to streamline and manage payment methods, services, and transactions all in one place. With eCommerce becoming the cornerstone of retail, this partnership will give Gr4vy’s merchant partners access to Vyne’s full array of account-to-account payment processing solutions. Once referred, Vyne’s simple integration process will allow merchants to offer payments in as little as three clicks, and enable instant settlement while bypassing high-cost middlemen.
Vyne’s frictionless payment process will improve merchant 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.
Shoppers today expect easy returns and refunds along with a seamless shopping experience. Research conducted by Vyne in Q4 2021 found that 43% of consumers had to chase down refunds for online purchases, leaving them feeling frustrated and angry with retailers. With Vyne’s open banking technology, Gr4vy’s merchants will be able to offer refunds in real time to their buyers, which plays a vital role in customer loyalty.
Karl MacGregor, CEO, Vyne, says: “In keeping with our common vision of creating an ecosystem that redefines the payment experience for merchants and consumers, we are excited to partner with Gr4vy to introduce Open Banking to the masses. Both merchants and consumers have so much to gain from account-to-account payments’ security, speed, efficiency, and cost effectiveness.
“Accessing traditional and innovative payment solutions with the click of a button is the future of payments. It is our mission to restore payment power to merchants and their customers. The only way to regain such power as the world evolves digitally is through open banking.”
John Lunn, Founder and CEO, Gr4vy, says: “Offering the right payment methods with the right providers is essential to an effective payments strategy for online retailers. Gr4vy’s goal is to modernise payment infrastructure by empowering merchants to expand and manage their payment stacks, and working with Vyne’s Open Banking technology will enable us to provide the instant, low-cost, and easy-to-use payment solutions that will enable merchants to stay competitive.”
Vyne uses Open Banking to move money in real time between bank accounts, bypassing long-established, outdated card networks and their associated fees. With Vyne’s open banking technology, merchants can access a single view of transaction data that will provide them with an enhanced understanding of their business as well as greater control over their finances. 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.
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.
Founded by true payments experts, Vyne’s innovative technology and solutions bring together decades of combined industry experience to ensure direct, secure, faster payments.
Vyne Technologies Ltd is authorised and regulated by the Financial Conduct Authority (FCA) as an Authorised Payment Institution. Vyne. Payments perfected.
About Gr4vy
Gr4vy is a cloud-native payments company that takes the complexity out of merchants running payments infrastructure, freeing them to focus on what matters most. We redefine payments by providing an intuitive, cutting-edge payment orchestration platform (POP) that leverages the power of the Cloud to modernize payments infrastructure. Our orchestration layer upgrades merchants’ payments stack to make them more nimble. Our no-code dashboard centralizes the integration and management of a merchant’s payment methods, providers, conditions and transactions and empowers them to do more in less time. We enable merchants to streamline and manage payment methods, services and transactions all in one place. At Gr4vy, we’re passionate about payments, efficiency and extraordinary customer experience.