With full product coverage in Sweden and Finland, the addition of Denmark further strengthens the second-generation fintech’s footprint as it continues its expansion across Europe.
With a population of nearly 6 million, Denmark has a highly developed financial services sector. Online banking penetration in the country reached nearly 95% in 2022, close behind its Nordic neighbours and well ahead of the rest of Europe, as per the press release. Denmark, much like Sweden, also has a well-established electronic personal identification system. These factors contribute to a significant instant bank payments opportunity in the Danish market, although the retail payments landscape at the time of the announcement is still largely dominated by cards.
Brite Instant Payments equips merchants and businesses in Denmark with a lower-cost alternative to cards. Brite’s Open Banking take on account-to-account (A2A) payments also enables round-the-clock instant payment processing while reducing fraud risks. The company’s ‘Single Sign’ capabilities make it possible for consumers to complete payment up to 40% faster, using top-of-mind information and circumventing the need for account creation or registration.
Brite Instant Payouts enables businesses to disburse payments – whether in the form of refunds, payouts, or withdrawals – in real time. Reliable and timely payouts are proving to be an increasingly important differentiator for businesses operating across diverse sectors, including digital marketplaces, consumer finance, online trading, travel, tickets, insurance, and gig work platforms.
Executives from Brite Payments said Denmark is primed for the uptake of instant bank payments, as awareness of the benefits continues to increase amongst merchants. The market is a logical next step in their expansion, and they’re excited to now offer instant payments and instant payouts to merchants and consumers in Denmark as well as their existing merchant base across Europe.
Brite Payments, which is one of Sweden’s fastest growing fintechs, has previously announced the Brite Instant Payments Network (IPN) – a proprietary network that bridges the gaps in Europe’s fragmented real-time payments landscape and facilitates instant payments and payouts in markets and currencies outside the Eurozone. Brite IPN, in addition to underpinning the company’s offering in Denmark with the instant processing of Danish Krone (DKK), also offers merchant FX upon request, facilitating lower operational costs for merchants with settlement in the currency of their choice.
Brite Payments is a second-generation fintech based in Stockholm. The instant payments provider leverages Open Banking technology to process account-to-account (A2A) payments in real-time between consumers and online merchants.
With Brite, no signup or credit card details are required as consumers authenticate themselves with top-of-mind details using their bank’s usual identification method. The company currently operates across 25 markets in Europe and is connected to more than 3,800 banks within the EU.
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