Sweden-based fintech Brite Payments has joined The Payments Association EU as a Patron Member.
This membership underlines Brite’s commitment to industry collaboration as it expands its product offering across Europe.
Brite Payments offers instant account-to-account (A2A) payments and payouts through Europe's Open Banking infrastructure. In October 2023, the company raised USD 60 million and is now expanding its presence in Europe while investing in its technology stack, particularly its proprietary network for processing instant payments, called Brite Instant Payments Network.
The Payments Association EU is an organisation that provides a platform for collaboration within the payments industry. Its members can share best practices and work together to strengthen the broader payments sector. Furthermore, the Payments Association EU, along with its partner organisations in the UK and Asia, promotes secure and efficient payment solutions while safeguarding the interests of both consumers and businesses.
According to an official statement, instant payments are shaking up the status quo in European payments and emerging as a promising use case for the Open Banking framework. Therefore, Brite Payments’ expertise in this emerging category of payments qualified it as a Patron Member of The Payments Association EU.
By collaborating with The Payments Association, Brite aims to support the Association's mission and grow awareness of the potential of instant bank payments to address merchant pain points. In a challenging macroeconomic environment, businesses are actively looking for ways to manage payments more effectively. Integrating payment methods that allow them to reduce operational costs and address fraud threats is one way to achieve this.
Brite Payments is a second-generation fintech and an instant payments provider that leverages Open Banking technology to process A2A payments in real time between online merchants and consumers. Brite requires no signup or credit card details, as consumers authenticate themselves with top-of-mind details using their bank’s usual identification method. Currently, the company operate across 25 European markets and is connected to over 3,800 banks within the EU.
In September 2013, the fintech announced a partnership with digital auction platform Auctionet to provide its users with instant account-to-account (A2A) payments, through Europe’s Open Banking infrastructure. This collaboration follows Brite’s ‘Single Sign’ launch in 2022, which enables users to pay directly from their bank account with a single authentication step. The mobile-friendly solution reportedly helps users pay up to 40% faster than when compared to standard A2A payment flows. Furthermore, Auctionet benefits from automatic payment reconciliation provided by Brite, which helps reduce manual back-office processes.
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