Bank account-to-account payments provider Vyne is now targeting small and medium-sized businesses via an integration with Wix.com.
UK businesses that set up a website using Wix will gain access to Vyne’s open banking payments infrastructure, enabling them to offer their customers the ability to pay directly from their mobile banking app.
Vyne said the integration will create a “frictionless payment process” that will help to improve merchant checkout conversions by offering online checkout, payment by SMS, chat or email, and QR codes for static or dynamic payment content.
The fintech is also offering auto-onboarding to Wix merchants in the UK, giving them the ability to sign up and complete the know-your-business process necessary for open banking in a matter of minutes.
Once approved, merchants gain access to Vyne’s merchant portal and its advanced reporting capabilities, as well as features such as transaction filtering, refunds, payment statuses, reconciliation, and settlement.
Luke Flomo, chief revenue officer at Vyne, commented: “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.”
“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.”