Vyne, an open banking service provider targeting payments, has announced a partnership with Wix (Nasdaq: WIX) – a website creation provider including for e-commerce sites.
The partnership is said to give Wix’s UK based merchants access to Vyne’s open banking payments infrastructure, allowing direct payments from their mobile banking app. Wix’s UK merchants will gain complete access to Vyne’s full stack pay with bank payment solutions, including receiving consumer funds, instant full and partial refunds, payouts, batched settlement with full reconciliation, and more.
The payment process is predicted to boost conversions by offering different, streamlined channels, including online checkout, payment by SMS, chat or email, and QR codes for static or dynamic payment content.
Vyne is also offering Wix merchants in the UK an auto-onboarding service that allows merchants to sign up and complete the Know Your Business (KYB) process in a matter of minutes. Merchants may also gain access to Vyne’s merchant portal, featuring reporting capabilities, as well as enabling other features.
Luke Flomo, Chief Revenue Officer at Vyne, said:
“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.”
Amit Sagiv and Volodymyr Tsukur, co-Heads of Wix Payments, said the Wix platform gives merchants the freedom to create, and manage their web presence and they believe this extends to payments.
“We are always working to provide Wix merchants with a variety of convenient and innovative hyper-local payment solutions. 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.”
Vyne Technologies Ltd is authorised and regulated by the UK Financial Conduct Authority as an Authorised Payment Institution. Vyne.