Vyne’s A2A payment solution offered to UK car dealerships

Account-to-account (A2A) payment provider Vyne has partnered with global automotive technology company Keyloop to offer UK dealerships an Open Banking payment solution.

Effective today (6 June), instant A2A payments will be available to Keyloop’s UK customers through ‘Payments’, which is integrated with the Keyloop DMS.

The partnership means that customers of those dealerships will be able to pay for deposits, parts and servicing, and make full payments, directly from their own mobile banking app or online banking.

Karl MacGregor, chief executive officer and co-founder of Vyne, said: “Our partnership with Keyloop is a big step forward in greater adoption of account-to-account payments.

“Our Open Banking solution adds to the incredible tech solution that Keyloop offers its customers by simplifying payments, satisfying consumer demand, and reducing costs for dealerships and OEMs [original equipment manufacturers].”

Dealerships and their customers that choose to make payments through Vyne will be charged lower transaction fees, meaning they could save up to 80% compared to payments made by card.

Vyne’s Open Banking payment solution will also speed up settlement times for dealers and OEMs, with funds reaching their bank accounts almost immediately, rather than waiting between two to 10 days.

Sebastien Fabri, partner director at Keyloop, added: “Our partnership with Vyne is our latest commitment to developing solutions to help dealers and OEMs navigate a tough consumer landscape and facilitate sales at a time when every penny spent is being scrutinised by consumers.”

Last November, Vyne launched a no-code verified payouts solution, enabling merchants to automate the payouts process.

At the Open Banking Expo Awards 2023, Vyne took home the award for Best Open Banking Payments Project.