Why are we doing this?

When customers use Vyne to make a payment, some banks will retain the bank account and sort code details of your settlement account available for them to view in their banking app.

This would make it possible for them to bypass Vyne and send funds straight to your account.

This reduces your visibility of the transaction, adding more work to your plate to stay up to date. It’s our mission to make the entire payments process seamless, and this update ensures reporting and reconciliation remain this way.

What happens now?

If a customer tries to make a payment directly to your settlement account, it will be immediately returned to that customer. When the payment is returned to the customer, it will include the reference “REJECTED” on their bank statement. The payment will appear in your settlement account statement showing a rejected status. 

Do we need to take any steps?

To avoid any disruptions when topping up your settlement account, you need to make sure the bank account listed in the portal matches the account making top ups. For merchants, you can check by clicking on Account and then Bank Account. For partners, this is under Merchants and then Bank Account. To add a different bank account, please contact support with proof of ownership.

If you have any questions or want more information on how we can help you with our other products, please fill in the form and our team will be in touch 👉