Vyne is a payments business that uses Open Banking APIs to transfer money directly from the bank accounts of consumers to the bank accounts of the online merchants from which they are purchasing items or services. This method of payment bypasses the traditional debit/credit card network and the fees applied by each intermediary.
Vyne provides clear benefits for the merchant, which include cutting payment commissions from 1.5% to 0.75%, reducing settlement clearing to minutes rather than days, and reducing fraud (as it is a cash payment sent from the consumer directly from their bank account).
