Brite Expands Instant A2A Payments, Payouts Solutions to Germany
Brite Payments now enables instant account-to-account (A2A) payments and payouts in Germany.
The Swedish FinTech already offers these Brite Instant Payments in the Nordics, Baltics and Benelux and plans to continue expanding their availability across Europe, Brite Payments said in a Wednesday (April 24) press release.
“2024 is the year that A2A payments, or pay by bank, looks set to enter mainstream consciousness, and as the EU’s most populous country and the third largest economy in the world, Germany represents enormous untapped potential,” Lena Hackelöer, founder and CEO of Brite Payments, said in the release.
Brite Instant Payments leverages Europe’s open banking infrastructure to enable round-the-clock instant payments process, mitigate fraud and eliminate chargebacks, according to the release.
The solution includes Brite’s Single Sign capabilities, which allow consumers to complete payments using only top-of-mind information and their bank’s usual identification method, without having to register or create an account, the release said.
It also uses the company’s proprietary network — Brite Instant Payments Network (Brite IPN) — for instant processing, per the release.
“Consumers now expect real-time interactions across all digital touchpoints and in all facets of their lives,” Hackelöer said in the release. “Far from being a laggard, our recent research shows the German market has huge growth potential for instant bank payments, as consumers seek online payments that are secure, without sacrificing convenience.”
This expansion to Germany comes about six months after Brite Payments raised $60 million to grow its instant payment offering, saying it would use the new funding to accelerate its geographic expansion, strengthen its presence in existing markets and invest in further product development.
The uptake of open payments in Europe is being driven by consumers’ inclination toward convenience and their embrace of payment methods that are easy to use, Hackelöer told PYMNTS in an interview posted in April 2022.
Discussing Brite’s Single Sign solution, Hackelöer said, “We essentially cut the time to payment for a consumer in half, down to just one authentication step, so we’re combining the authentication where we access the consumer’s account, and then the confirmation of making a payment, into one step.”
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