Taking advantage of the “untapped potential” of open banking, Brite is launching 24/7/365 instant payments processing.
Swedish fintech Brite Payments is launching a network to power instant payments and payouts across Europe.
Brite Instant Payments Network (IPN) aims to help close the gaps in Europe's “fragmented” real-time payments landscape, leveraging open banking to give merchants and businesses what it describes as an “out-of-the-box” payments and payouts solution.
According to Brite, “the full potential of open banking payments is yet to be realised”.
Making use of open banking-first approach, it has built a network that enables anytime instant payments processing while also addressing the limits of SEPA Instant transfers.
“Brite IPN is the ‘engine’ that enables us to process payments instantly and equip businesses with a true out-of-the-box solution,” Brite Payments founder and CEO Lena Hackelöer said.
Open banking has “enormous untapped potential”, Hackelöer said, but businesses need solutions that deliver “real and immediate value”.
“We have been building our next-generation proprietary network since Brite was founded in 2019, and I am excited to announce Brite IPN as a significant step forward in our mission to support merchants and businesses with a faster, more convenient, and secure open banking payments solution,” she added.
The IPN will also enable payouts in markets and currencies outside of the Eurozone, enabling merchants to fund or request settlement in their choice of currency.
The launch of the new network follows a year of growth for Brite — it saw revenues and transactions volume more than double on its platform last year and increased its headcount by almost 100 per cent.
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