SOFORT and Brite Payments launch European instant payout partnership

Germany-based provider of online bank transfers SOFORT has announced an Open Banking partnership with instant payment provider, Brite Payments.

Launching in July 2022, the new partnership will see SOFORT’s bank transfer product complemented by Brite Payments’ instant payout solution. Following the launch, merchants using the SOFORT platform will be able to opt for the service and activate Brite Payments’ instant payout solution without additional technical effort, allowing them to disburse funds to consumers within seconds.

The joint solution, entitled ‘SOFORT Instant Payouts powered by BRITE’, lets merchants facilitate instant payouts through their existing SOFORT Bank Transfer integration. This means there is no need for labor-intensive integrations. Additionally, Brite Payments will continue to offer its standalone instant payment service for businesses separately to the SOFORT platform.

Since its inception, SOFORT’s online banking-based payment method, also known as Sofortüberweisung in Germany, has been used for more than one billion transactions and boasts more than 85 million users, according to the press release. Now, many of these customers will be able to start receiving funds instantly when requesting a payout from their online platform. As part of the partnership, Brite Payments will disburse funds to the same bank account used to make the initial payment with SOFORT, offering a genuine one-click solution.