Vyne Launches Beta for No-Code Verified Payouts Solution

Published 5 months ago

Vyne, an Open Banking-powered account-to-account payments platform, has unveiled the beta version of a no-code verified payouts solution. This innovative service allows merchants to automate, manage, and verify payouts without integration.

Streamlining the Payout Process

The new solution is designed to simplify the payout process for merchants who frequently issue payments to their customers. Verification of account ownership is conducted using Open Banking account information. This eliminates the need for manual document checks and associated administrative tasks.

Through a straightforward email link, merchants can automatically verify a customer’s account. This streamlines the verification process, making it quick and digital. Customers can complete the verification within their mobile banking app with a few taps, receiving the funds in their account instantly.

Potential Markets and Use Cases

Vyne’s verified payout solution is ideal for sectors such as pre-owned automotive vehicle purchases and luxury retail reselling or pawnbroking. For instance, customers can swiftly sell their vehicles or pre-owned items and receive instant funds. At the same time, the dealership or retailer can be assured they are paying the correct person.

The solution also enhances financial services such as travel money buy-backs, insurance claims, and investment withdrawals by reducing fraud and optimizing the customer experience. Travel platforms can employ verified payouts to pay hosts or providers on their platforms, such as those offering short-term holiday leases.

Revolutionizing Payouts and Scaling Business

According to William Hand, Product Director at Vyne, the no-code verified payouts solution will overhaul how merchants issue payouts. Utilizing Open Banking, the company can provide a consumer-driven verification process that enables sellers to receive payouts almost instantly.

This also eliminates the need for teams to spend hours verifying the seller’s identity, saving time and reducing costs. Ultimately, this tool offers merchants the platform they need to grow their business while enhancing the customer’s sale experience.

Megan Harrison, Head of Marketing at Vyne, believes that the solution not only optimizes the way merchants make payouts but also allows them to distinguish themselves from competitors. In particular, instant payouts for services such as used car purchases and travel money buy-backs provide a competitive edge.

Vyne is currently offering the no-code verified payouts solution to a limited beta program, providing participating merchants with a three-month, no-obligation free trial.