Vyne, Keyloop partner on open banking payment for dealerships

Open banking specialist Vyne has entered into a strategic partnership with Keyloop in a bid to revolutionise payment processes.

Dealerships will be able to use Vyne to process instant open banking payments for deposits, parts, servicing and full payments via the Keyloop Dealer Management System (DMS).

A key benefit for dealers and original equipment manufacturers will be savings of up to 80% on transaction fees compared to traditional card payments.

Unlike traditional payment methods, open banking transactions are authorised directly with banks in real-time, ensuring instant fund transfers and a seamless purchasing experience for customers and provides dealerships with a real-time view of cash flow, optimising operational efficiency.

The payment process is also simplified for customers who can make cardless payments with a few taps using their mobile banking app, eliminating the need for card details or separate accounts.

Vyne’s portal also enables one-click refund requests and approvals, with money arriving instantly in the consumer’s account. Payments are secured with two-factor authentication and biometric sign-in options such as touch ID or facial recognition, verified through the customer’s mobile banking app.

Sebastien Fabri, partner director at Keyloop, said: “Our goal is to work with our partners to develop solutions that offer the industry the best possible service. Our partnership with Vyne underscores our commitment to helping dealers and OEMs navigate a challenging consumer landscape and facilitate sales when every penny counts.”

Karl MacGregor, CEO and co-founder at Vyne, added: “Our partnership with Keyloop marks a significant step towards wider adoption of account-to-account payments. Our open banking solution complements Keyloop’s tech offerings, simplifying payments, meeting consumer demand, and reducing costs for dealerships and OEMs.”