Ten The Hut Group (THG) brands now offer open banking payments so that shoppers can pay direct from their bank app.
Customers checking out of sites including Myprotein, Zavvi and Glossybox will now be able to choose to pay using Vyne’s opening banking technology. In due course, 25 THG brands will offer these payments.
The integration of Vyne’s open banking technology allows shoppers to pay from their banking app – and without putting in their card details – and so speeding up checkout. Payments are more secure, says Vyne, because each purchase is verified through biometric recognition, such as facial recognition or thumb print, as well as bank-level security. The risk of fraud is reduced at the same time.
John Gallemore, chief executive of THG Ingenuity, the in-house developed technology and operating platform that powers all THG brands, says: “Our aim is to consistently improve and innovate across the platform to provide shoppers with the widest possible payment choice and ultimately enhance customer experience. The addition of Vyne to our range of payment options is another step forward in this evolution.”
Vyne is authorised and regulated by the Financial Conduct Authority (FCA) as an authorised payment institution. Its full-stack account-to-account solution is designed to give ecommerce retailers a view of real time cash flow, with automated reconciliation, while enabling them to make full and partial refunds.
Karl MacGregor, CEO at Vyne, adds: “We are delighted that some of THG’s leading ecommerce brands will be adding Vyne’s account-to-account payments to their checkouts. This announcement marks Vyne’s expansion into the retail sector, with alternative payment methods continuing to grow in prominence.”