Quaife.net establishes partnership with Vyne
Published 19th March, 2021 by Josh McNeill
Quaife.net has formed a new partnership with Vyne, the account-to-account payment service powered by Open Banking.
What is Vyne?
Vyne works as a direct payment system for the purchase of goods and services, cutting out middlemen such as card issuers, making transactions seamless and almost instant. With their account-to-account services, Vyne ensures direct, secure and faster payments.
Founded by payments practitioners, Vyne has built seamless payment experiences that feel anything but transactional. Designing and building systems for the ever-evolving online marketplace is crucial, Vyne's account-to-account payments work better for customers and businesses. Vyne has the potential to fundamentally change established foundations within the industry through Open Banking as well as bypassing the more traditional, slow and clunky aspects of the payment process.
Benefits of Open Banking
- The user confirms the payment every time.
- The payment is guaranteed to go to the correct destination.
- Instant Settlement.
- No bank details are shared within the process.
- Customers can pay in as little as three clicks.
- Cuts out the middlemen, as the payment goes directly to the merchant.
Safe and Secure
Payments made with Vyne are authenticated through the customer’s online banking, which means using pre-established authentication systems known and used by customers’ 2 factor authentication, Face ID and biometric fingerprints. Methods of user authentication differ depending on whether a payment is through the mobile app or desktop, but all security measures are upheld and handled by the user’s specific banking service.
These layers of security and authentication aid fraud prevention, as only the user has access to their own bank account meaning that only they can be the ones to make any payments. By using Vyne, and the benefits of banking level security, the likelihood of chargebacks and fraud is significantly reduced.
Quaife + Vyne
We see Vyne as a disrupter within the industry, offering exciting new features and opportunities as well as optimising the pre-existing workflows when dealing with acquirers and issuing banks.
Quaife.net is committed to investing and partnering with next generational fintech products, further changing what it means to be offering a best of class service. As we continue to push forward and grow as a business, our firm belief in commitment stays strong. We believe that partnering with companies like Vyne puts us and our systems ahead of the curve, improving our services for our clients.