This partnership enables automotive dealers and their customers to pay and get paid with an alternative, cost-effective, and optimised payment method powered by open banking. Customers can pay for deposits, parts and servicing, and full payments, directly from their own mobile banking app or online banking. From today, instant open banking powered account-to-account payments will be available to Keyloop’s UK customers through Payments, which is integrated with the Keyloop DMS.
This partnership is part of Vyne’s ongoing mission to make open banking powered account-to-account payments easily accessible so that more dealers and OEMs can benefit from:
A lower fee on all transactions made through Vyne – from deposits to aftersales – saving dealers and OEMs up to 80% compared to card;
A new simple and efficient payment process for car buyers and owners - with open banking there are no card details or accounts needed. It takes just a few taps to complete a cardless payment through the customer’s mobile banking app;
Quicker settlement times for dealers and OEMs as funds reach their bank accounts almost immediately, rather than waiting two to 10 days;
Easier refund process with one click requests and approvals through Vyne’s portal and, the money arrives instantly in the consumer’s account;
Provide car buyers and owners with a more secure payment option with two-factor authentication and a biometric sign-in (such as touch ID or facial recognition) with authentication through the customer’s mobile banking app.
Unlike other payment methods, open banking transactions are authorised directly with banks through mobile banking apps or online banking in real-time, and funds transfer instantly. This means that automotive retailers can provide a smoother purchasing process for customers, as well as a real-time view of cash flow, allowing businesses to retain more money and boost operational processes.
Sebastien Fabri, Partner Director at Keyloop commented “Our goal is to work with our partners to develop the solutions that give the industry the best possible service. 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.”
Karl MacGregor, CEO and Co-Founder at Vyne commented “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.”