Automotive Transformation Group, a provider of retailing solutions to the automotive sector, and Vyne – specialist account-to-account payment organisation – today reveal the latest results of their partnership, enabling automotive Retailers to cut their transaction fees by up to 73% by leveraging Vyne’s Open Banking transaction technology.
According to a statement by the company, as customers continue to recognise the power of account-to-account payments for streamlining the purchase journey, the number of payments made through the technology from January to July 2023 was 102.4% higher than in the same period in 2022, reaching over 11.4 million in July this year alone.
Enabling automotive consumers to complete transactions for vehicle sales online directly from their mobile banking app, Vyne’s Open Banking payment infrastructure is fully optimised to meet this increasing demand – with Vyne Pay claiming 80% of the share-of-wallet reported by digital automotive retailer, CarStore.
Open Banking technology is designed at its core to facilitate the purchasing experience – offering both instant settlements and increased security for both consumers and Retailers. In addition to reduced transaction fee costs, Open Banking facilitates full, real-time visibility of cashflow for Retailers to enhance workflow efficiency – while also offering instant full and partial refunds to consumers when required.
The benefits for consumers extend past the transaction process, with Open Banking removing the need to share card details across personal media devices. Instead, the platform utilises a frictionless Secure Customer Authentication (SCA) embedded payment process, enhancing security and offering a seamless user experience via a range of channels – from online checkout and payment via SMS, to Live Chat, email, and QR codes.
Tim Smith, CEO of Automotive Transformation Group, said: “The automotive consumers of today expect a fast, convenient and secure experience when getting their new car – more so than ever before with the strong advances made in omnichannel technology elsewhere in the retail industry. In such a crowded marketplace, this makes gaining a competitive advantage crucial for Retailers looking to engender customer loyalty. Our partnership with Vyne allows us to deliver the level of convenience and security that Retailers and consumers are looking for, and we’re eager to deliver further impactful results for our customers moving forward.”
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Luke Flomo, Chief Revenue Officer of Vyne, added: “The vast increases we’ve seen in the number of Open Banking users and transactions over the past year is a testament to the huge appetite for new solutions that offer efficient, seamless and safe payment methods. The collaboration between ourselves and Automotive Transformation Group has brought further value to both Retailers and consumers in the motoring industry, and we’re excited to be at the forefront of driving technological innovation for the automotive retail sector.”