The partnership gives Wix’s U.K.-based merchants access to Vyne’s account-to-account (A2A) payments infrastructure. Merchants that have built their online stores with Wix will be able to offer their customers the ability to pay directly from their mobile banking app, per the announcement.
“Trading conditions are tough right now, and rising card scheme fees paired with other macroeconomic challenges are hitting the smallest merchants the hardest,” said Vyne Chief Revenue Officer Luke Flomo. “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.
“This is an exciting step on our journey to create an ecosystem that redefines the payment experience for merchants and consumers.”
In addition to A2A payments, Vyne is also offering Wix merchants in the U.K. an auto-onboarding solution. This will allow merchants to sign up with the platform and complete the know your business (KYB) process in a “matter of minutes.”
Once approved, merchants also receive access to Vyne’s merchant portal, a payments dashboard that allows users to filter transactions, make refunds, check payment statuses, reconcile payments and more.
Amit Sagiv and Volodymyr Tsukur, co-heads of Wix Payments, added, “Our platform gives merchants the freedom to create, manage and grow their web presence exactly the way they want, and we believe this extends to payments. 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.”
As A2A payments go from strength to strength, open banking platforms like Vyne are increasingly teaming up with mediators that can provide payment services to thousands of businesses at a time.
For example, in June, cross-border payments company Thunes announced that it will integrate TrueLayer’s open banking payments into its platform as one of the payment methods for its 100,000 merchants around the world.
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