Vyne Newsletter April 23
What's that coming over the hill? King Charles' Coronation, three bank holidays and hopefully some sunshine. But before we get ahead of ourselves, we're celebrating this month's additions to the Vyne merchant community, we'll be exploring the JROC recommendations and roadmap for the future of Open Banking in the UK, and sharing some key insights from the latest Open Banking impact report.
April highlights:
?? Improving automotive after sales with alternative payments
??? JROC releases Open Banking roadmap
?? Open Banking payments are on the rise
?? Celebrating new additions to the Vyne merchant community
?? Improving automotive after sales with alternative payments
Currently there are three preferred methods of payment for after sales; debit card, credit card and finance, which all add a barrier to conversion with complex account creations and manual data entry. As a crucial part of the automotive life cycle, how can after sales streamline customer experience and improve existing operational processes while reducing costs? Discover a new alternative payment method, Open Banking powered Pay with bank.
? What is affecting after sales payment success today?
Time-consuming, error-ridden, manual reconciliation processes, high-cost card processing fees, and not to mention slow settlement impacting cash flow.
? So how can Open Banking powered Pay with bank solve these pain points?
By providing customers with a better payment experience through automated reconciliation processes, reduced transaction fees, higher payment conversion and instant settlement of funds, helping to boost business cash flow.
See how the payment journey works
??? JROC releases Open Banking roadmap
The Joint Regulatory Oversight Committee (JROC) published a report on April 17th, where they set out recommendations for the future of Open Banking in the UK. The full report is linked below, but who's got time to read 50 pages of detail? Save yourself some time and read our summary below:
- A clear roadmap to keep the UK at the forefront of Open Banking. The report sets out an ambitious and pragmatic series of milestones in the next two years, including roll-out of Variable Recurring Payments (VRP) in a way that works for consumers, merchants, payment providers, and banks.
- Specific and important short-term "quick wins" to go after. The report sets out target areas to improve in the Open Banking ecosystem in the nearer term, like ensuring banks don't unduly limit the value of payments going through Open Banking, making Open Banking available across all the banks in the UK, and improving the error messaging for failed payments.
- Clarity on how Open Banking will be governed. The report clearly sets out the roles we need regulators, the proposed future implementation entity, and the industry to play in order to realise the future of Open Banking.
?? Snippets
?? Congratulations to Naomi from Spidersnet who was chosen at random as the winner of a ￡250 Amazon voucher for completing the payment survey we ran through Automotive Management Online.
??? New Impact Report sees significant growth in Open Banking payments. The report revealed that Open Banking payments are a significant growth area. [Source: Open Banking]
?? In December 2022, there were 7.7m Open Banking payments and in across the whole of 2022 there were 68m payments. This represents significant growth of more than 100% year-on-year. [Source: Open Banking]
?? Celebrating new additions to the Vyne merchant community
Over the past month, we've welcomed some amazing businesses to the Vyne merchant community. Take a look at the new additions that are using Vyne Pay with bank to allow their customers to make fast, seamless and secure payments:
?? Marks Electrical Group | Harwoods Ltd | Cambria Automobiles | Riverside Motor Group | SG Petch | Stoneacre Motor Group | Cawdor Motor Group ??
The new king of payments... Open Banking! ??
