Account-to-account (A2A) payments platform Vyne has formed a partnership with global Software-as-a-Service platform Wix to launch a new payment proposition for UK SMEs.
Through the partnership, Wix’s UK-based merchants will be able to integrate Vyne’s Open Banking payments infrastructure to give their customers the ability to pay directly from their mobile banking app.
They will have access to Vyne’s full stack ‘pay with bank’ payment solutions, including receiving consumer funds, instant full and partial refunds, payouts, and batched settlement with full reconciliation.
Luke Flomo, chief revenue officer at Vyne, said tough trading conditions and rising card fees are hitting small 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,” he added.
Vyne revealed it is also offering Wix merchants in the UK auto-onboarding, which allows merchants to sign up and complete the ‘Know Your Business’ (KYB) process “in a matter of minutes”.
Once approved, merchants will also have access to Vyne’s merchant portal, which offers advanced reporting capabilities, and enables merchants to filter transactions, make refunds, check payment statuses, reconcile payments, and settle funds to their bank account.
“This is an exciting step on our journey to create an ecosystem that redefines the payment experience for merchants and consumers. It’s made even easier by the self-onboarding functionality we have developed in-house, which enables merchants to onboard and integrate account-to-account payments into their checkout quickly and easily,” said Flomo.
Amit Sagiv and Volodymyr Tsukur, co-heads of Wix Payments, added: “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.”
In December last year, Vyne’s payment solution went live on the checkouts of 10 brands in the THG portfolio, including Myprotein, Zavvi and Glossybox.