Vyne tackles out-dated, unreliable payouts with beta launch of no-code verified payouts solution
Vyne, the specialist Open Banking powered account-to-account payments platform, today announced the beta launch of a no-code verified payouts solution, enabling merchants to automate, manage and verify payouts with no integration needed.
The no-code verified payout solution enables merchants that regularly pay out to their customers to verify account ownership using Open Banking account information. Through a simple email link, merchants can verify a customer’s account automatically without manual documentation checks and the associated admin. This also benefits end-customers by removing a long, time-consuming verification process, and instead offer a quick digital verification, completed in their own mobile banking app in just a few simple taps and the funds land in their account instantly.
Vyne’s verified payout solution is perfect for pre-owned automotive vehicle purchasing and luxury retail resellers or pawnbrokers. Customers can sell their vehicles or pre-owned items and receive the funds instantly, while the dealership or retailer can be confident that they are paying the right person. Financial services use cases such as travel money buy-backs, insurance claims and investment withdrawals are improved by reducing fraud and optimising the customer experience. Travel platforms can use verified payouts to pay hosts or providers on their platforms, such as short-term holiday leasing.
William Hand, Product Director, Vyne commented, “Currently, payouts are labour intensive, time-consuming and clunky for consumers. I’m thrilled to announce the beta of our no-code verified payouts solution that will revolutionise how merchants make payouts. Using Open Banking, we’re able to deliver a consumer-driven verification process that allows sellers to receive their payouts in seconds. Gone are the days of fielding inbound support on payout requests; teams will no longer need to spend hours on admin each week to verify the seller is who they say they are. Our verified payouts offer merchants the platform they need to scale their business, while reducing costs and uplifting the customer’s sale experience.”
Megan Harrison, Head of Marketing, Vyne, added, “Our solution not only optimises the way merchants make payouts but enables them to enhance their proposition and stand out from the competition. Now more than ever, consumers expect immediate outcomes and payouts are no expectation. With Vyne’s no-code verified payouts, merchants can confidently offer instant payouts for services such as used car purchases and travel money buy-backs. Funds hit the customer’s accounts before they’ve even left the building. A competitive game changer.”
Vyne are launching the no-code verified payouts solution out to a limited beta programme, where participating merchants will be given a three month free trial with no obligations.
