London-based Vyne has announced a partnership with student accommodation, event and catering management software provider Kinetic that will see its payment solution offered to 2.4 million students to “streamline” the rental payments process.
The account-to-account payments platform for ecommerce uses Open Banking to move money in real- time between bank accounts.
The new partnership will allow Kinetic’s student population to pay their rent directly from their account.
Vyne said that payments are authenticated through the user’s own banking app and biometric scan, in place of card detail entry and security questions.
Karl MacGregor, CEO of Vyne said: “Education and property rental is a space in which we can make a significant difference for companies embracing simpler and more modern ways of transferring money from one account to another.
“Kinetic is the perfect partner for this given how widely it serves the UK’s ever-growing student accommodation market, and we look forward to working closely with them to streamline payments for their clients and students alike.”
Kinetic works with 80% of the UK and Ireland’s universities and manages 425,000 student bedrooms worldwide.
David Wilkes, chief products officer at Kinetic, added: “We are always looking for ways to simplify how students make payments for their term-time accommodation, and Vyne provides just that – a way to streamline the process of moving money from tens of thousands of accounts to accommodation providers.
“We’ve rolled out Vyne as a payment method of choice to all of our clients, realising the benefits that it provides in slashing banking fees and administrative costs, improving the student experience and allowing for instant movement of funds.”