Account-to-account payments platform Vyne entered a new partnership with web development platform Wix that gives 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.

This partnership will give Wix’s merchants in the UK access to Vyne’s full stack payment solutions, including receiving consumer funds, instant full and partial refunds, payouts, batched settlement with full reconciliation, and more.

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 in as little as three clicks.

Wix merchants will also enjoy Vyne’s auto-onboarding process which allows them to sign up and complete the Know Your Business (KYB) process in a matter of minutes.

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

Luke Flomo, Chief Revenue Officer, Vyne, says:

“Trading conditions, rising card scheme fees, and 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.”

Amit Sagiv and Volodymyr Tsukur, Co-Heads of Wix Payments, says:

“We’re happy to be partnering with Vyne to give our 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.”

This post first appeared in Fintech News Switzerland.

Featured image credit: edited from Pexels