Vyne, a leading account-to-account payment provider has been chosen by Pinewood for its Open Banking Payments. Pinewood with this is introducing Open Banking services in the automotive sector. With this arrangement, Vyne is now associated with Pinewood DMS- offering the dealers a solution of instant payment incorporated with their digital omnichannel service.
Neville Briggs, Managing Director, Pinewood Technologies, stated, “Car buyers are increasingly looking for the omnichannel option when looking for a new vehicle. We recognise the importance of providing a low-cost, simple, and secure solution to dealers and this includes our payment offering. Vyne’s open banking software removes the hassle of sharing bank details or personal data, and the latest integration with Pinewood DMS means dealers can be confident when requesting payments for vehicle sales and service work, enhancing our digital offering.”
This collaboration of Vyne and Pinewood utilizes Open Banking technology which reduces the requirement of a traditional bank transfer. However, traditional bank transfers being a common payment process in the automotive industry of the UK, it still gives a dissatisfactory customer experience which is due to human errors of manually processing the entire process. Whereas while using the open banking technology the entire process can be done using a smartphone in a few easy steps.
Furthermore, because account-to-account payments are cleared in real-time, Pinewood’s interface with Vyne allows clients to make a deposit and drive away on the same day. This improves the experience of acquiring a new vehicle for consumers while increasing conversion rates for dealers.
Vyne’s cutting-edge technology eliminates intermediaries while improving the consumer experience by enabling faster, more direct, and cost-effective payments. Automotive dealerships may offer Vyne’s full-stack account-to-account payment solution to all customers by integrating Vyne with Pinewood DMS, initially through in-store payment operations and, in the future, on their websites.
Karl MacGregor, CEO and Co-founder of Vyne, commented, “It’s fantastic that Pinewood has chosen to offer Vyne’s Open Banking solution to its customers. As Pendragon is one of the largest and most influential automotive retailers in the UK, we are thrilled to be the selected account-to-account provider trusted in providing a seamless Open Banking experience to even more automotive customers.”
Read: Open Banking Introduces New Dimensions of Banking Services