Getting paid online can be painful. It's expensive, slow and a huge point of friction. That is where Vyne comes in to solve these problems with instant account-to-account bank payments, leveraging leading Open Banking technology to allow merchants to take customer payments via bank transfer. Payments via bank transfer mean merchants are paid quickly, securely and cheaply, all through a method that customers already know and trust.
How does Vyne Pay with bank work?
Vyne removes the friction when making a payment, bypassing the need to type out long card numbers, or wait for an authentication text. Your customers are redirected to their banking app or online banking where they can securely authorise the transaction instantly.
Step 1: Your customers select their bank account from a list at checkout.
Step 2: Your customers are redirected to their banking app or online banking where they can securely authorise the payment without needing to share sensitive account information. They are not required to download apps, register for an account or type in account numbers.
Step 3: For the majority of consumers that use biometric sign-in, such as fingerprint (touch ID) or facial recognition (face ID), authentication is seamless, and approved in seconds.
Is Vyne secure?
As your customer authorises the payment via their own bank account, Vyne therefore leverages the security of the banks' own technology to enable payments that are faster, easier and safer. As we have removed the risks associated with storing and sharing card details, your customers are less likely to fall victim to fraud.
Is Vyne regulated by a financial authority?
We are authorised and regulated by the Financial Conduct Authority (FCA) as an Authorised Payment Institution. Our reference number is 925649.
How fast is Vyne?
When your customer makes a payment, they pay using a bank transfer from their account directly to your merchant account. They will be presented with a payment summary and can authorise payment in just a few clicks. Our data shows that a Vyne payment can be made on average in 20 seconds.
For merchants, it’s fast for you too. We bypass intermediaries, allowing you to receive access to your funds within seconds, rather than waiting days or even weeks.
What country/countries can I use Vyne in?
Vyne is available to process payments for customers in the UK only at this time. Vyne provides 98% coverage of banks in the UK, including all of the top nine banks, who are mandated to provide Open Banking. We accept GBP for payments, refunds and payouts.
If you a have any questions about Vyne or our product offering and would like to know more, you can request a product demo here.