Brite payments, leading provider of instant payments, announces its joining the “Payments Association EU” as a supporting member. This addition underlines Brite’s commitment to working with industry to expand its product offering in Europe.
Brite Payments enables instant account-to-account payments and credits (A2A), taking advantage of the infrastructure open banking from Europe. Brite, one of Sweden’s fastest growing fintech companies, announced a Fundraising of $60 million last October 2023 and is expanding its presence in markets across Europe in 2024. The company is also investing in promoting its technological development, particularly with the launch of the Brite Instant Payments Network (Brite IPN), the company’s proprietary network for instant processing payments.
The Payments Association EU, a collaborative forum where its members can share best practices and collaborate to strengthen the payments sector at large, has affiliates such as Amazon Payments, Deloitte, PWC, eBay and PayPal. Together with its partner organizations in the UK and Asia, the association promotes safe, efficient and innovative payment solutions while protecting the interests of consumers and businesses.
“Instant payments are changing the status quo of European payments and are becoming one of the most promising use cases for the open banking framework.” says T.Hibault de Barsy, Vice President and Director General of the Payments Association EU. «“Brite Payments is committed to this emerging payments category and we are pleased to welcome them to The Payments Association EU.”
The democratization of instant payments in Europe
The recent approval of European regulation that universalizes instant transfers in the EU paves the way to making Europe the world leader in this type of services. Instant payments, which allow money transfers in 10 seconds 24 hours a day, 7 days a week, are now free (or at least higher than the cost of other transfer operations in euros). In Spain, instant transfers already account for more than 50% of all transfers, compared to 15% in the rest of the EU.
By working with The Payments Association, Brite aims to support the Association’s mission and raise awareness of the potential of instant bank payments to solve merchants’ problems (one in three banks do not offer this service and 70 million accounts do not have it). Service). option today). In an ongoing difficult macroeconomic environment, companies are actively looking for ways to manage payments more effectively, including integrating payment methods that allow them to reduce operational costs and combat fraud threats.
“The Payments Association EU brings our sector together and is a strong advocate for its members and the payments ecosystem in general.” explained Lena Hackelöer, founder and CEO of Brite Payments. «As instant payments gain traction across Europe, we look forward to playing an active role in the association and working together to address common challenges and share best practices to navigate the evolving regulatory landscape – this is more important than ever given PSD3 and PSR each the horizon. With the passage of the recent regulation and the universalization of instant payments, both consumers and businesses will benefit enormously as their payment processes will be significantly streamlined and businesses will become more competitive. closes.
