Swedish fintech Brite Payments has unveiled its latest offering – the Brite Instant Payments Network (IPN). This proprietary network leverages the power of open banking to provide businesses and merchants with a ready-to-use solution for instant payments and payouts.
The adoption of open banking payments has been steadily increasing across Europe, as businesses recognise the operational and cost benefits while appreciating the convenience and security they offer customers.
But according to Lena Hackelöer, founder & CEO of Brite Payments, the full potential of open banking payments is yet to be realised. She suggests there is a need for easily integrable products that provide immediate value to businesses.
“Brite IPN is the ‘engine’ that enables us to process payments instantly and equip businesses with a true out-of-the-box solution,” said Hackelöer. 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.”
Brite’s IPN enables 24/7/365 instant payments processing, while helping address the limitations of SEPA Instant and the fragmented nature of real-time payments in Europe. Additionally, Brite IPN enables instant payments and payouts in markets and currencies outside the Eurozone.”
It powers instant payments and payouts products that offer merchants advantages over traditional open banking payments (such as Payment Initiation Services) by taking full receipt of incoming funds and settling them rapidly on behalf of merchants across Europe. Supported by Brite IPN’s merchant FX capabilities, merchants can also fund or request settlement in a currency of their choice.
The launch of Brite IPN follows “significant growth over the past year, with the second-generation fintech more than doubling revenue and transaction volume” on its platform in 2022, and increasing its headcount by nearly 100 per cent during this period..