Brite Instant Payments Network (IPN) leverages Open Banking capabilities to provide merchants and businesses with a complete, out-of-the-box instant payment and payouts solution, looking to close the gaps within the European fragmented real-time payments landscape.
The announcement highlights the uptake of Open Banking payments across Europe is increasing as businesses notice benefits from an operational and cost perspective, while seeing value in the convenience and security they can provide customers with. Despite this, Open Banking’s full potential is yet to be realised. Brite took an Open Banking-first approach to build a network that enables 24/7/365 instant payments processing while aiming to address the limitations of SEPA Instant together with the fragmented nature of real-time payments in Europe. What is more, Brite IPN enables instant payments and payouts in markets and currencies that are outside of the Eurozone.
Brite IPN helps power instant payments and payouts products that provide merchants with advantages over traditional Open Banking payments like Payment Initiation Services (PIS) by taking full receipt of incoming funds and settling them quickly on behalf of merchants across Europe. With support from Brite IPN’s merchant FX capabilities, merchants are also enabled to fund or request settlements in their currency of choice.
24/7/365 processing, which helps eliminate reliance on traditional bank clearing cycles and cut-off times while decreasing risk and mitigating fraud.
Automated reconciliation and reporting, which helps reduce operational costs.
Smart routing, enabling payments to be optimised for speed and increasingly efficient routing.
Merchant FX, as Brite IPN can exchange FX upon request, looking to bridge the gap among European instant payment schemes.
End-to-end payment visibility, with Brite offering insights into the payment status of each transaction initiated through its network.
Lena Hackelöer, Founder & CEO of Brite Payments advised that Open Banking has an extensive untapped potential, but businesses require easy-to-integrate products that help deliver real and immediate value. Per their statement, Brite IPN enables the company to process payments in an instant manner and provide businesses with a ‘true out-of-the-box solution’. The spokesperson added that following the 2019-founding of Brite, the company has been building its next-gen proprietary network and the launch of Brite IPN marks a step forward in its mission of supporting merchants and businesses alike with an increasingly fast, convenient, and secure Open Banking payments solution.
An instant payments provider, Brite Payments leverages Open Banking technology to process account-to-account (A2A) payments in real time between consumers and online merchants.
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