Vyne will integrate its open banking function to automotive dealer management firm Pinewood for efficient instant payments.
The account-to-account payments platform will work alongside Pinewood’s DMS product to provide dealers an omnichannel offering that removes the need for manual bank transfers via the integration of open banking.
Vyne’s open banking API aims to remove the friction of sharing bank details or personal data, allowing customers of Pinewood DMS to be reassured of a payment journey that is efficient and seamless.
Neville Briggs, Managing Director, Pinewood Technologies, commented: “Car buyers are increasingly looking for the omnichannel option when looking for a new vehicle. We recognise the importance of providing a low-cost, simple, and secure solution to dealers and this includes our payment offering.
“Vyne’s open banking software removes the hassle of sharing bank details or personal data, and the latest integration with Pinewood DMS means dealers can be confident when requesting payments for vehicle sales and service work, enhancing our digital offering.”
Payment methods within the UK are predominantly manual transfers but can often lead to a poor user experience prone to manual errors, account-to-account payments in particular. Open banking helps remove those frictions whilst also making transactions instant in real-time.
Furthermore, Vyne’s partnership with Pinewood allows customers to make deposits and leave their vehicles on the same day. Consumers will experience an enhanced experience of purchasing a new vehicle, and for dealers, increased conversion rates.
Pendragon PLC, a UK automotive retailer, has selected Vyne and Pinewood DMS’ payment infrastructure to bypass card networks and their associated fees, in turn, accelerating their cash flow.
“It’s fantastic that Pinewood has chosen to offer Vyne’s Open Banking solution to its customers. Pendragon is one of the largest and most influential automotive retailers in the UK,” added Karl MacGregor, CEO and Co-founder of Vyne.
“We are thrilled to be the selected account-to-account provider trusted in providing a seamless Open Banking experience to even more automotive customers.”