Vyne Alternatives: Similar Open Banking Platforms to Consider

Please note that the information about the payment providers found in this article was taken from their respective websites on 5 February 2025. This information is subject to change.

Vyne is an open banking provider that allows merchants to accept pay-by-bank payments in Europe and the UK. In September 2024, the company was acquired by Tarabut, which recently announced the decision to shut down all Vyne operations in the UK as it plans to focus on different markets. Vyne's current clients have until 22 April 2025 to find a new provider to keep their operations going without affecting their revenue.

With Vyne’s UK operations ending soon, selecting a new payment provider on time is crucial. Vyne replacement requires careful evaluation of features, migration support, and integration capabilities. This guide examines the top five alternatives to help businesses make an informed decision based on their specific requirements without affecting their operations.

What is PayVyne?

Founded in 2019, Vyne or PayVyne is an open banking provider that allows merchants to accept instant pay-by-bank payments, streamlining transactions and avoiding the complications often associated with card processing. In addition to real-time payments, Vyne offers no-code payment links and payout services, and it integrates with e-commerce platforms like WooCommerce. The company caters to a few sectors in the UK, including retail, travel and iGaming.

While Vyne’s services are tailored for Europe and UK operations, the platform has some limitations:

• It only supports five European countries: Germany, Italy, Spain, France, and Ireland.
• It lacks data analytics tools.
• It has a restrictive pricing model, which can be less flexible for businesses with fluctuating transaction volumes.
• It does not support card payments.

These shortcomings can impact a merchant’s ability to scale and diversify payment processing options.

How Does PayVyne Work?

 Vyne uses open banking to facilitate real-time payments—eliminating card fees, slow processing times and risk of chargebacks. Here's how their systems operate:

1. Customer selects Vyne at checkout.
2. They authenticate through their own bank.
3. The payment is transferred directly from the customer’s account to the merchant’s account, without any intermediaries or delays.

While this approach is generally efficient, many businesses may require additional features that Vyne doesn’t provide.

Analysing PayVyne Open Banking Alternatives

While Vyne provides the core function of bank payments, it doesn't offer additional features like predictive transaction analytics that some merchants may find useful.

Below, we will analyse key services offered by Vyne and its competitors, helping you evaluate their offerings and decide which one better supports your business model.

A Detailed Look at Vyne’s Competitors

Noda

Noda offers a direct alternative for Vyne users, with coverage across the UK and Europe plus additional markets including Brazil and Canada. Like Vyne, it provides instant bank payments and e-commerce plugins, but adds several key advantages:

• More payment options: Beyond bank payments, Noda supports card processing and provides ready-to-use payment tools like QR codes and instant payment links.
• Wider market reach: Connection to over 2,000 banks across 28 countries enables international expansion.
• Easy transition: Plugins for major platforms like WooCommerce and Magento allow quick setup without coding.
• Transparent pricing: Simple transaction-based fees with no hidden costs.
• Security Protocols: Noda employs bank-grade security protocols to protect your transactions and data.

For merchants moving from Vyne, Noda ensures continuity of their existing payment operations while offering opportunities to expand payment capabilities and reach new markets.

Who Noda Is Best For?

Noda is particularly beneficial for Vyne users in the UK, as well as for businesses of various sizes operating in Europe, Canada and Brazil. Merchants that are seeking a fully connected payment ecosystem that includes pay-by-bank options, card payments, and advanced data insights across multiple regions should choose Noda as their first option.

Plaid

Plaid is an open banking platform that allows businesses to process pay-by-bank payments, direct debits, payouts and data services. It aims to help companies optimise their operations and enhance customer experiences. Plaid’s core benefits are:

• Cross-border Payments: Plaid partners with financial institutions across Canada, the UK, Europe and the US.
• Integration Options: Merchants can offer their customers flexible payment options through instant links and QR codes.

While Plaid is a significant player in the open banking sector in Europe and the UK, it does have some shortcomings:

• Limited features for European merchants and less flexible pricing outside North America.
• Its bank connections may be less comprehensive in certain regions, particularly outside the UK and Western Europe.

Who Plaid Is Best For?

Plaid is ideal for companies that operate primarily in the US or UK and require a reliable API-based solution for pay-by-bank payments. Plaid is suitable for businesses that need straightforward payment processing without real-time data requirements.

Volt

Volt is headquartered in the UK and has operations in Europe, Brazil, and Australia. The company enables merchants to accept pay-by-bank payments, process cross-border transactions, and initiate instant refunds and payouts. Volt’s key benefits include:

• Volt Transformer: This tool aims to convert card payments into pay-by-bank transactions, helping merchants to save on fees and avoid chargebacks.
• Plugin Support: Merchants can easily integrate e-commerce plugins such as Shopify and WooCommerce.

Volt is a reliable solution for merchants looking to accept instant payments, but it has a few drawbacks, such as:

• Volt doesn't provide predictive transaction analytics, which some merchants use to track payment patterns and customer behaviour.
• There is a lack of flexibility for customers who wish to integrate card payments or utilise instant payment links.

Who Volt Is Best For?

Volt is ideal for businesses that prioritise direct pay-by-bank payments, payouts, and instant refunds. It is particularly suited for those that do not require card processing, extensive data insights, or options like instant links or QR codes.

GoCardless

GoCardless is a payment processing company that enables businesses to collect payments directly from their customers' bank accounts. Based in the UK, it is well-known for its extensive integrations with e-commerce plugins, membership platforms, utilities and more. The key benefits of GoCardless include:

• Cross-border Payments: It allows merchants to process payments in different currencies.
• Recurring Payments: GoCardless provides tailored solutions for businesses that rely on subscription payments.

While GoCardless is a fast and flexible platform that serves various industries, including charities, it does have some shortcomings:

• The customer service can be challenging for merchants who require support beyond email.
• There is a lack of card payment offerings.

Who GoCardless Is Best For?

GoCardless is ideal for businesses that depend on recurring payments, subscription billing, and membership services, especially in the UK and Europe.

Trustly

Trustly, a Sweden-based company, aims to enable merchants to quickly and securely accept pay-by-bank payments while providing a user-friendly interface. In addition to payment processing, its core offerings include:

• Data Insights: Trustly provides merchant data tools.
• Easy Integration: The platform integrates with various e-commerce plugins and supports payments via links.
• Cross-Border Payments: Trustly operates in Canada and the US, processing payments in multiple currencies.

Trustly offers a fast and personalised payment experience, but presents some limitations:

• In Europe, it primarily targets travel, iGaming, and e-commerce industries.
• The company can be selective about the types of merchants it partners with, focusing on specific industries.
• Trustly relies on partners such as Stripe and Adyen to deliver its services in Europe.

Who Trustly Is Best For?

Trustly is ideal for large-scale merchants in travel, iGaming and e-commerce sectors who process high-value transactions in European markets. Its industry-specific focus makes it particularly relevant for businesses operating within these verticals.

Key Points to Choose the Best Provider

The definition of best is highly dependent on your needs. Here are some factors to help shape your considerations.

Core Service Continuity

• Seamless Integration: Ensure compatibility with your current payment flows, target markets, and existing integrations to minimise disruption.
• Scalability: Confirm the provider can handle your current and projected transaction volumes, with strong uptime guarantees.

Essential Features

• Instant Payments: Confirm reliable and efficient pay-by-bank processing.
• Additional Payment Methods: Evaluate support for other methods (card payments, etc.) for future needs.
• Platform Integration: Ensure seamless integration with your current platforms and accounting software.

Practical Implementation

• Dedicated Technical Support: Assess required resources and ensure access to clear documentation and dedicated support.
• Streamlined Onboarding: Confirm a streamlined onboarding process and establish a clear implementation timeline with your future provider.

Why Noda for Vyne Users

Switching open banking providers doesn’t have to be stressful. Noda offers a range of solutions tailored to businesses of all sizes.

Immediate Benefits:

• Direct replacement for Vyne's core bank payment service
• Compatible with the same e-commerce platforms (e.g., WooCommerce)
• Covers all Vyne's current markets, plus additional regions

Additional Advantages:

• A card payments option reduces reliance on a single payment method
• A 90% acceptance rate across over 2,000 banks ensures reliable transactions
• No-code tools enable quick setup without the need for technical resources

For more information about transitioning from Vyne to Noda's open banking payment platform, please contact us today to discuss your specific needs.