Payments platform Vyne forges a partnership with automotive retailer Pendragon PLC to offer its account-to-account payment method to automotive brands, including Evans Halshaw, Stratstone and CarStore.
The integration between Vyne and Pendragon uses open banking to eliminate the need for manual bank transfers. It follows the recent announcement that Vyne will deliver open banking payments to Pinewood, one of Pendragon’s solutions for automotive dealer management.
The first stage of the partnership will involve in-showroom account-to-account payments being offered by all Pendragon brands, When a customer is ready to make a deposit, the sales team will initiate a payment link to the customer, who can then make the deposit payment directly from their phone while at the dealership or later from the comfort of their own home if they prefer.
In the third quarter of 2022, the Vyne and Pendragon’s partnership will see Vyne’s account-to-account payments technology rolled out across all Pendragon owned automotive websites.
Payments in dealerships
Pendragon say it is ‘excited to be the first automotive brand in the world to offer account-to-account payments in dealerships’.
CEO Bill Berman says: “Innovation is at the heart of our business and we remain committed to transforming automotive retail through digital innovation. By working with Vyne to enable customers to seamlessly make instant deposits, we continue to enhance the experience of purchasing a vehicle for the hundreds of thousands of customers we welcome every year, as well as, reduce our own operational costs.”
Vyne’s full-stack account-to-account solution enables Pendragon PLC to effectively manage payments, including full and partial refund functionality and automated reconciliation and notifications. By offering account-to-account payments, Pendragon’s brands can bypass card networks and their associated fees, reducing costs and accelerating cash flow with instant settlement.
“Pendragon’s position as one of the largest and most influential automotive retailers in the UK makes this partnership a significant milestone in account-to-account payments adoption,” says Karl MacGregor, CEO and co-founder Vyne. “We’re delighted that household name brands like Evans Halshaw and Stratstone have selected Vyne’s account-to-account payments as their preferred payment method, both in-showroom and online, and expect further adoption in the automotive sector to follow.”
Pendragon has also collaborated with Vyne to develop an online training programme and will provide ongoing support to drive open banking payments.
Image and article originally from thefintechtimes.com. Read the original article here.