Vyne and Gr4vy partner to enable instant Open Banking payments for online merchants
By Joy Dumasia
Vyne, the specialist account-to-account payments platform, announces a new partnership with Gr4vy, a leading cloud-native payment orchestration platform (POP) that will give online merchants access to open banking payments infrastructure.
Gr4vy’s cloud-native payment orchestration platform enables merchants to streamline and manage payment methods, services, and transactions all in one place. With eCommerce becoming the cornerstone of retail, this partnership will give Gr4vy’s merchant partners access to Vyne’s full array of account-to-account payment processing solutions. Once referred, Vyne’s simple integration process will allow merchants to offer payments in as little as three clicks and enable instant settlement while bypassing high-cost middlemen.
Vyne’s frictionless payment process will improve merchant conversions by offering a seamless UX via different channels, including online checkout, payment by SMS, chat or email, and QR codes for static or dynamic payment content.
Research conducted by Vyne in Q4 2021 found that 43% of consumers had to chase down refunds for online purchases, leaving them feeling frustrated and angry with retailers. With Vyne’s open banking technology, Gr4vy’s merchants will be able to offer refunds in real-time to their buyers, which plays a vital role in customer loyalty.
Luke Flomo, Chief Revenue Officer, Vyne, said: “In keeping with our common vision of creating an ecosystem that redefines the payment experience for merchants and consumers, we are excited to partner with Gr4vy to introduce Open Banking to the masses. Founded by industry veterans, Gr4vy’s market-leading cloud-based platform offers the ultimate scalability, our partnership empowers both merchants and consumers to access account-to-account payments’ security, speed, efficiency, and cost-effectiveness. Accessing traditional and innovative payment solutions with the click of a button is the future of payments. It is our mission to restore payment power to merchants and their customers. The only way to regain such power as the world evolves digitally is through open banking.“
John Lunn, Founder and CEO, Gr4vy, said: “Offering the right payment methods with the right providers is essential to an effective payments strategy for online retailers. Gr4vy’s goal is to modernise payment infrastructure by empowering merchants to expand and manage their payment stacks, and working with Vyne’s Open Banking technology will enable us to provide the instant, low-cost, and easy-to-use payment solutions that will enable merchants to stay competitive.”
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