ATG and Vyne drive down transaction fees by over 70% with open banking tech

Automotive Transformation Group (ATG) and account-to-account payment specialist Vyne have been able to cut retailers’ transaction fees by up to 73% with open banking technology.

Vyne’s open banking technology can help customers to complete vehicle sales online directly from their mobile banking app.

Open banking also removes the need to to share card details across personal media devices.

Instead, the platform utilises a Secure Customer Authentication (SCA) embedded payment process, which Vyne says enhances security and offers a user experience via a range of channels – from online checkout and payment via SMS, to Live Chat, email, and QR codes.

Vyne's Open Banking software has claimed 80% of the share-of-wallet reported by digital automotive retailer, CarStore.

Consumers more broadly are continuing to make the shift to account-to-account payments; the number of payments made from January to July 2023 was 102.4% higher than in the same period in 2022. The number of transactions reached 11.4 million in July 2023 alone.

Tim Smith, ATG chief executive, 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.”