- Vyne and RemitONE have announced that they will work together to help over 100 clients gain access to international money transfer products, with some clients already on board.
- Vyne is based on Open Banking principles and the new service will be provided from a single integrated point for maximum positive user experience.
- “Together we are opening access to a new way to pay, allowing remittance businesses to offer the significant competitive advantage of safer transfers and more seamless customer experiences,” said a Vyne spokesperson.
Vyne and RemitONE, two big names in the payments and remittances world, have announced a new collaboration designed to increase access to money transfer products.
Vyne, a payments service, has joined forces with remittance provider RemitONE to help over 100 remittance clients gain access to Vyne’s product offer.
This will enable clients to use Vyne’s infrastructure to make cross-border payments around the world.
Vyne, which is based around Open Banking principles, will be able to offer its payments services from a single integrated point.
A senior spokesperson for Vyne said that the move was happening against a backdrop of two important forces: digitalisation and globalisation.
Karl MacGregor, Vyne’s chief executive officer, said that many people needed to make cash transfers quickly and cost-effectively as a result.
“Globalisation and the rise in digitalisation means there’s an increasing need to send money abroad as quickly, easily, and cost-effectively as possible,” he said.
“This integration combines the power of RemitONE’s renowned money transfer solution and global network, with the easy integration, instant settlement, and fraud resilience of Vyne’s payments platform.
“Together we are opening access to a new way to pay, allowing remittance businesses to offer the significant competitive advantage of safer transfers and more seamless customer experiences.”
Meanwhile, for RemitONE, the firm’s chief marketing officer said that the company was looking to expand its innovation to provide better payment products going forward.
In a press release, Aamer Abedi praised Vyne’s payments platform – and said that it helped money service businesses to get off the ground fast.
“RemitONE is always seeking the most innovative payment products for our clients,” he said.
“The technical ease of Vyne’s payments platform allows MSBs to get up and running quickly, and offer their customers an efficient, robust and cost-effective way to transfer money.”
He went on to say that there was already demand for the new joint service – and shared statistics on how much uptake there had been so far.
“10% of our MSBs took the first steps to integrate with Vyne within two weeks of the integration going live, with more client MSBs wanting to take advantage of Vyne’s Open Banking Solution…every day,” he said.
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