Getting paid online can often be painful for merchants, it's expensive, slow and can be a huge point of friction. That is where Vyne comes in to solve these problems by leveraging leading Open Banking technology that allows merchants to take customer payments via bank transfer and automate a lot of their current processes. Payments taken through Vyne means merchants are paid quicker, more securely and at less cost, all through a method that customers already know and trust.
For customers, it means a quicker and more secure way to pay. Authorising a payment directly from their own bank account in just a few clicks, all without the need to register or log into an account with Vyne or passing on any sensitive card information.
How does Vyne work?
Vyne removes the friction when making a payment, by-passing the need to type out long card numbers or wait for an authentication text. Customers are redirected to their banking app or online banking where they can securely authorise the transaction in just a few clicks.
Step 1: The customer selects their bank from a list at our hosted checkout.
Step 2: The customer consents to the payment and is redirected to their banking app or online banking where they can securely authorise the payment without needing to share sensitive account information. They are not required to download any other apps, register for any Vyne account or type in account numbers.
Step 3: For the majority of customers that use biometric sign-in, such as fingerprint (touch ID) or facial recognition (face ID), authentication is seamless and approved in seconds.
Step 4: As with any bank transfer, funds are then paid instantly into a settlement account owned by the merchant, where they will be notified in real time.
Is Vyne secure?
As customers are authorising payments via their own bank account, Vyne is able to leverage the security of the banks' own technology to enable payments that are not only faster but safer as well. Customer are required to sign into their own bank account, either by way of biometric log in or passwords and security questions, meaning only the account holder themselves should be able to authorise payments through Vyne.
As Vyne payments by-pass the card networks and instead are authorised only by the account owner from their own bank account, we have effectively removed the risks associated with storing and sharing card details, and it means customers are less likely to fall victim to fraud.
As a Payment Initiation Service (PIS), Vyne does not access or store any information that is not relevant to the payment itself. That means we only collect basic information that links to just the payment, that is; the payment amount, the sort code, account number and name linked to the account from which the payment was authorised from.
Vyne does not collect, transmit, maintain or transfer any card data. As we only facilitate bank transfers, there is no recourse under the Payment Card Industry Data Security Standard (PCI/ DSS). It also means there are no chargebacks on payments taken through Vyne. Customers are able to raise a claim through their bank for any payments they don't recognise or agree with however due to the authorisation process, there is no guarantee these funds can be returned.
How long do payments take to process?
For customers based in the UK, when making a payment through Vyne, they will be doing so via a bank transfer and Faster Payments. Unlike with the card networks that have a lot of intermediaries and can take days for funds to be received, Vyne payments are more direct, meaning payments can settle in as little as a few seconds.
We should note however that whilst most payments will settle instantly, there is a SLA on Faster Payments of 2 hours that banks are bound by when processing these payments. Please see our payment statuses page (handling of Processing/Completed) to learn more about what to do in this scenario.
For European payments, please see our European Payment Links page for the usual timeframes that apply.
How quick can a customer get their money back on a refund?
The great thing about Vyne is that as quick as it is for merchants to receive payments, it's just as quick for customers to receive their funds back in the case of a refund. Unlike card payments that typically take up to 5 business days to be returned, refunds through Vyne, once processed by the merchant take just a few minutes to return back to the customers bank account from which they paid from.
In which country is Vyne available?
Vyne is currently only available to process payments for customers in the UK and Europe (optimised for the Republic of Ireland only at this time).
Is Vyne regulated by a financial authority?
We are authorised and regulated by the Financial Conduct Authority (FCA) as an Authorised Payment Institution. Our reference number is 925649.
If any of your questions were not answered here or you would like to know more, you can request a product demo here. Otherwise, feel free to contact us by submitting a request.