Vyne, the specialist account-to-account payments platform for eCommerce, is today announcing a partnership with Kinetic, the UK’s leading provider of student accommodation, event and catering management software for 80% of the UK and Ireland’s universities. This partnership will see Kinetic offer Vyne’s payment solution to 2.83 million students renting accommodation.
Vyne uses Open Banking to move money in real time between bank accounts, bypassing the long established but now outdated card networks and their associated fees. The partnership with Kinetic sees Vyne offered as a payment method, allowing students to pay their rent directly from their account in as little as three clicks. Vyne streamlines the user experience by eliminating cumbersome card detail entry and security questions, instead offering quick, easy payments authenticated through the users own banking app and biometric scan, ensuring the transactor is who they say they are.
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With QR codes that can be used for in person payments and pay-by-links which can be sent by email, SMS or messenger, students can get rent contributions from parents no matter where they are in the UK and Europe. For Kinetic’s clients this partnership means that less money is lost through card fees, fund settlement is instant and the risk of fraud reduced.
Karl MacGregor, CEO at Vyne said: “With card fees rising across a wide range of sectors, we’re proud to offer a solution that can enable companies to save money on their transactions and build greater trust that the payment is going to the intended recipient, while simultaneously providing consumers with an easier way to make payments. The education and property rental is a space in which we can make a significant difference for companies embracing simpler and more modern ways of transferring money from one account to another. Kinetic is the perfect partner for this given how widely it serves the UK’s ever growing student accommodation market, and we look forward to working closely with them to streamline payments for their clients and students alike.”
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David Wilkes, Chief Products Officer at Kinetic, said: “We are always looking for ways to simplify how students make payments for their term-time accommodation, and Vyne provides just that – a way to streamline the process of moving money from tens of thousands of accounts to accommodation providers. We’ve rolled out Vyne as a payment method of choice to all of our clients, realising the benefits that it provides in slashing banking fees and administrative costs, improving the student experience and allowing for instant movement of funds.”
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