Dealers using the Keyloop dealer management system (DMS) will now be able to offer open banking to customers.
The DMS specialist has struck a deal with Vyne, the specialist open banking powered account-to-account payment provider.
Customers can pay for deposits, parts and servicing, and full payments, directly from their own mobile banking app or online banking.
Instant open banking powered account-to-account payments will be available to Keyloop’s UK customers through Payments, which is integrated with the Keyloop DMS.
According to Vyne, unlike other payment methods, open banking transactions are authorised directly with banks through mobile banking apps or online banking in real-time, and funds transfer instantly.
This means that automotive retailers can provide a smoother purchasing process for customers, as well as a real-time view of cash flow, allowing businesses to retain more money and boost operational processes.
Sebastien Fabri, partner director at Keyloop, said: “Our goal is to work with our partners to develop the solutions that give the industry the best possible service.
“Our partnership with Vyne is our latest commitment to developing solutions to help dealers and OEMs navigate a tough consumer landscape and facilitate sales at a time when every penny spent is being scrutinised by consumers.”
Karl MacGregor, CEO and Co-Founder at Vyne said: “Our partnership with Keyloop is a big step forward in greater adoption of account-to-account payments.
“Our open banking solution adds to the incredible tech solution that Keyloop offers its customers by simplifying payments, satisfying consumer demand, and reducing costs for dealerships and OEMs.”