Brite Payments joins The Payments Association EU

Friday 9 February 2024 09:01 CET | News

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.

Brite Payments has joined The Payments Association EU as a Patron Member


Instant payments in European markets

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.

As per Brite Payments officials, The Payments Association EU brings the industry together and advocates for its members and the broader payments ecosystem. As instant payments gain traction across Europe, the company is looking forward to playing an active role in the Association and addressing common challenges as well as sharing practices on navigating the evolving regulatory landscape with PSD3 and the PSR on the horizon.

More about Brite Payments

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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Keywords: payment association, payments , expansion, A2A, Open Banking
Categories: Payments & Commerce
Companies: Brite Payments, The Payments Association
Countries: Sweden
This article is part of category

Payments & Commerce

Brite Payments


The Payments Association

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