Brite Payments Joins The Payments Association as Instant Payments Gain Traction Across Europe
Brite Payments, a player in instant bank payments, has 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.
Specialising in instant account-to-account (A2A) payments and payouts through the utilisation of Europe's open banking infrastructure, Brite Payments stands as one of Sweden's most rapidly expanding fintech companies. In October 2023, Brite announced the successful raise of £60 million, signalling a strategic move to augment its footprint across European markets in 2024. Concurrently, the company is enhancing its technological framework, particularly the Brite Instant Payments Network (Brite IPN), its bespoke network designed for the processing of instant payments.
The Payments Association EU serves as a pivotal platform for industry-wide collaboration, enabling members to exchange best practices and unite efforts to fortify the payments sector at large. In alliance with its partner entities in the UK and Asia, The Payments Association EU is committed to fostering secure, efficient, and innovative payment solutions, all the while protecting the interests of both consumers and businesses.
“Instant payments are shaking up the status quo in European payments and emerging as one of the most promising use cases for the open banking framework,” said Thibault de Barsy, Vice-Chairman and General Manager, The Payments Association EU. “Brite Payments are championing this emerging category of payments and we are thrilled to welcome them to The Payments Association EU.”
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 macroeconomic environment that remains challenging, 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.
“The Payments Association EU brings our industry together and advocates strongly for its members – and for the broader payments ecosystem,” said Lena Hackelöer, Founder & CEO, Brite Payments. “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.”
