Brite Payments, an enabler of instant bank payments, announced that it has joined The Payments Association EU as a Patron Member.
The membership underlines Brite’s commitment “to industry collaboration as it expands its product offering across Europe.”
Brite Payments enables instant account-to-account (A2A) payments and payouts, leveraging Europe’s open banking infrastructure.
One of Sweden’s fastest-growing fintechs, Brite announced “a $60 million fundraise in October 2023 and is expanding its presence in markets across Europe in 2024, while investing in its technology stack – most notably Brite Instant Payments Network (Brite IPN), the company’s proprietary network for processing instant payments.”
The Payments Association EU provides a forum “for industry collaboration, where members can share best practices and work together to strengthen the broader payments sector.”
Together with its partner organisations in the UK and Asia, The Payments Association EU promotes secure, efficient, and innovative payment solutions, “while safeguarding the interests of consumers and businesses.”
By collaborating with The Payments Association, Brite aims to “support the Association’s mission, as well as growing 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 more effectively manage payments – “including integrating payment methods that allow them to reduce operational costs and address fraud threats.”
Lena Hackelöer, Founder & CEO, Brite Payments, said:
“The Payments Association EU brings our industry together and advocates strongly for its members – and for the broader payments ecosystem. As instant payments gain traction across Europe, we are looking forward to playing an active role in the Association and addressing common challenges together, as well as sharing best practices on navigating the evolving regulatory landscape – this is more important than ever with PSD3 and the PSR on the horizon.”
As noted in the update, Brite Payments is “a second-generation fintech based in Stockholm. The instant payments provider leverages open banking technology to process account-to-account (A2A) payments in real time between consumers and online merchants.”
With Brite, no signup or credit card details are “required as consumers authenticate themselves with top-of-mind details using their bank’s usual identification method.”
Brite is connected to more than 3,800 banks “within the EU and its offering is currently available in 26 markets across Europe.”