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Automotive Transformation Group and Vyne reduce automotive retailers’ transaction fees by more than 70% as Open Banking transactions double in 2023

• Automotive Transformation Group and Vyne deliver extensive transaction fee reductions for automotive Retailers, achieving savings of up to 73% versus card
• The results come as the popularity of Open Banking continues to rise at a remarkable rate, achieving 102.4% year-on-year growth from January to July 2023 and reaching over 11.4 million transactions in July 2023 alone
• Vyne’s Open Banking infrastructure offers Retailers a comprehensive blend of instant settlements, enhanced security, and increased workflow efficiency – delivering a seamless purchasing experience

Bearsted 17.10.2023 – Automotive Transformation Group, a leading provider of omnichannel retailing solutions to the automotive sector, and Vyne – specialist account-to-account payment organisation – today reveal the latest results of their partnership, enabling automotive Retailers to cut their transaction fees by up to 73% versus card by leveraging Vyne’s Open Banking transaction technology.

As customers continue to recognise the power of account-to-account payments for streamlining the purchase journey, the number of payments made through the technology from January to July 2023 was 102.4% higher than in the same period in 2022, reaching over 11.4 million in July this year alone.

Enabling automotive consumers to complete transactions for vehicle sales online directly from their mobile banking app, Vyne’s Open Banking payment infrastructure is fully optimised to meet this increasing demand – with Vyne Pay claiming 80% of the share-of-wallet reported by digital automotive retailer, CarStore.

Open Banking technology is designed at its core to facilitate a seamless purchasing experience – offering both instant settlements and increased security for both consumers and Retailers. In addition to reduced transaction fee costs, Open Banking facilitates full, real-time visibility of cash flow for Retailers to enhance workflow efficiency – while also offering instant full and partial refunds to consumers when required.

The benefits for consumers extend past the transaction process, with Open Banking removing the need to share card details across personal media devices. Instead, the platform utilises a frictionless Secure Customer Authentication (SCA) embedded payment process, enhancing security and offering a seamless user experience via a range of channels – from online checkout and payment via SMS, to Live Chat, email, and QR codes.

Tim Smith, CEO of Automotive Transformation Group, said: “The automotive consumers of today expect a fast, convenient and secure experience when getting their new car – more so than ever before with the strong advances made in omnichannel technology elsewhere in the retail industry. In such a crowded marketplace, this makes gaining a competitive advantage crucial for Retailers looking to engender customer loyalty. Our partnership with Vyne allows us to deliver the level of convenience and security that Retailers and consumers are looking for, and we’re eager to deliver further impactful results for our customers moving forward.”

Luke Flomo, Chief Revenue Officer of Vyne, added: “The vast increases we’ve seen in the number of Open Banking users and transactions over the past year is a testament to the huge appetite for new solutions that offer efficient, seamless and safe payment methods. The collaboration between ourselves and Automotive Transformation Group has brought further value to both Retailers and consumers in the motoring industry, and we’re excited to be at the forefront of driving technological innovation for the automotive retail sector.”

Further detail on Automotive Transformation Group’s omnichannel retail solutions can be found here, with information on Vyne’s Open Banking offering available here.

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About Automotive Transformation Group

Automotive Transformation Group exist to support and simplify vehicle sales for Retailers, OEMs (Original Equipment Manufacturers), Financiers and Fleet Suppliers across the industry.

During their 20 years of service, Automotive Transformation Group have helped their customers sell millions of vehicles through their digital, data and retention solutions. More recently, while the pandemic forced showrooms into lockdown, Automotive Transformation Group delivered ecommerce functionality to over a third of all UK Franchised Retailers in under 24 months, helping many of their customers maintain their business during this period of unprecedented change.

Automotive Transformation Group aim to become a leading provider of omnichannel, digital retailing, and retention solutions by driving efficiencies throughout the vehicle sales process. Their products are used in 85 countries and have been translated into 30 languages worldwide.

Media Contact

media@atg.auto

About Vyne

Vyne uses open banking to power account-to-account payments for online businesses, setting the course for the future of payments. Customers move money in real-time by paying directly from their bank account and payments are completed in seconds, bypassing expensive and slow traditional methods.

Founded by true payments experts, Vyne’s innovative technology and solutions bring together decades of combined industry experience to ensure direct, secure, faster payments.

Vyne Technologies Ltd is authorised and regulated by the Financial Conduct Authority (FCA) as an Authorised Payment Institution. Vyne. Payments perfected.

www.payvyne.com

Contact Information

Press Office: Contact: vyne@missive.co.uk