Open Banking-powered account-to-account payment platform Vyne has enabled merchants to automate the payouts process with the beta launch of a no-code verified payouts solution.
Merchants that regularly pay out to their customers will be able to verify account ownership using Open Banking account information.
The solution does not require any integration which means that, via an email link, merchants can verify a customer’s account automatically, without the need for manual documentation checks.
According to Vyne, the new product is particularly suited to pre-owned automotive vehicle purchasing and luxury retail resellers or pawnbrokers, on the basis that customers can sell their vehicles or pre-owned items and receive the funds instantly, while the dealership or retailer can have confidence they are paying the right person.
It also pointed to several financial services use cases, including travel money buy-backs, insurance claims and investment withdrawals.
Vyne’s product director William Hand said: “Currently, payouts are labour intensive, time-consuming and clunky for consumers. I’m thrilled to announce the beta of our no-code verified payouts solution that will revolutionise how merchants make payouts.
“Using Open Banking, we’re able to deliver a consumer-driven verification process that allows sellers to receive their payouts in seconds. Gone are the days of fielding inbound support on payout requests; teams will no longer need to spend hours on admin each week to verify the seller is who they say they are.”
He added: “Our verified payouts offer merchants the platform they need to scale their business, while reducing costs and uplifting the customer’s sale experience.”
The new solution will be available via a limited beta programme, where participating merchants will be given a three-month free trial with no obligations.
Megan Harrison, head of marketing at Vyne, said that, now more than ever, consumers expect immediate outcomes.
“Our solution not only optimises the way merchants make payouts but enables them to enhance their proposition and stand out from the competition.
“With Vyne’s no-code verified payouts, merchants can confidently offer instant payouts for services such as used car purchases and travel money buy-backs. Funds hit the customer’s accounts before they’ve even left the building. A competitive game changer,” she added.
Vyne was recognised at this year’s Open Banking Expo Awards on 19 October, taking home the award for Best Open Banking Payments Project.