Automotive Transformation Group announce their customers will soon benefit from a forward-thinking, alternative payment option courtesy of specialist account-to-account (A2A) payment platform and partner organisation, Vyne.
Vyne’s Open Banking payment infrastructure will enable consumers to transact a vehicle sale online directly from their mobile banking app. This will pave the way for a reduction in transaction costs for Automotive Transformation Group customers, as well as an increase in security for both parties, and faster settlement times.
Despite vehicle sales undergoing a considerable overhaul in the last two decades due to the arrival of ecommerce, technology continues to evolve automotive retail at a rapid pace. Consumers demand a seamless and secure online user journey that mirrors their experience with other businesses in the retail sector, while merchants are expressing a keen desire for an alternative to their outdated and expensive transaction costs.
According to a recent article published by the specialist Open Banking platform, online debit and credit card transaction fees can range between 0.3 and 4%, which in turn, can cost Retailers tens of thousands of pounds a month and affect their bottom line. Open Banking, initiated by the Competition and Markets authority in 2018, offers a cost-effective solution to industry challenges by offering online Retailers potential savings of £19,000 a month in transaction fees as well as a multitude of further advantages.
Open Banking can benefit both customers and consumers by offering instant settlements and increased security with every transaction. It delivers Retailers complete, real-time visibility of cashflow to minimise management pressures while offering instant full and partial refunds to consumers when necessary. It eliminates the need to share card details and personal information across media devices and instead, uses a frictionless Secure Customer Authentication (SCA) embedded payment process to enhance security and offer a seamless user experience via different channels, including online checkout, payment by SMS, Live Chat, email, and QR codes for static or dynamic payment content.
Users of account-to-account payments exceeded a new record of 6 million across the UK in June 2022 and it was estimated that 60% of the UK population will be using Open Banking as a preferred payment method by September 2023. The alternative payment option will be available to all customers using Automotive Transformation Group’s existing end-to-end NetDirector® Auto-e product in Autumn 2022 across the UK and Europe. The Group would like to encourage any customers who have questions to contact their account managers for more information.
When asked about how the partnership will position Automotive Transformation Group, Director of Digital Retailing, Paul Stokes said: “Open Banking is fast becoming a preferred option for merchants, and Automotive Transformation Group are proud to be at the forefront of this movement. Vyne will allow us to further optimise the purchasing experience for our consumers, enabling them to make online reservations in as little as three taps. The tool will help The Group to drive efficiency into the vehicle buying process, simplifying the purchase journey and boosting conversion rates for our customers.”
Luke Flomo, Chief Revenue Officer of Vyne, added: “Our partnership with Automotive Transformation Group, one of the leading providers for automotive solutions in the UK, further propels the adoption of account-to-account payments. Automotive Transformation Group have built an extensive omnichannel solution and Open Banking-powered account-to-account payments only adds to this proposition by enabling dealers to bypass high-cost transaction fees and manual bank transfers with seamless consumer payment experiences.”