Brite Payments Partners with Shopware to Bring Instant Payments to Merchant Checkouts Across Europe
Stockholm – 29 April, 2024 – Brite Payments, a leader in instant bank payments, today announced that it has partnered with leading e-commerce platform Shopware to bring the benefits of its open banking-based instant payments to businesses across Europe. Shopware merchants can now easily activate Pay by Bank (aka account-to-account or A2A payments), which enables their customers to pay instantly, directly from their bank account. Highly secure, cost-effective payments are facilitated through the Brite Instant Payments Network (Brite IPN), a proprietary network that leverages Europe’s open banking infrastructure. The result is a complete, out-of-the-box solution that Shopware merchants can conveniently access through a Shopware 6-compatible plugin. Shopware is one of Europe’s largest open-source e-commerce platforms, with a flexible and scalable platform serving more than 45,000 merchants. The German-headquartered company has registered 40 percent annual growth, and its merchants process around €22 billion in gross merchandise volume (GMV) each year. Shopware has a particularly strong presence in Germany, where Brite recently launched Brite Instant Payments, but its footprint is expanding rapidly across Benelux and the Nordic countries – markets where Brite also has a complete product offering available to support merchants. “We’re thrilled to welcome Brite Payments as a Gold Technology Partner and to expand the range of convenient, end-user-focused payment solutions available to our growing base of e-commerce merchants,” said Alexey Pronin, General Manager EMEA, Shopware. “Shopware is committed to giving merchants the variety of tools they need to succeed in the fast-changing world of online commerce – Brite Instant Payments is a powerful addition to that toolkit, representing a modern approach to Pay by Bank that puts customer experience at the forefront.” “Shopware is a market leader in Germany, trusted by leading brands, and we’re excited to be able to offer them our intuitive instant payments solution,” said Luke Trayfoot, Chief Commercial Officer, Brite Payments. “Open banking-based payments offer huge potential, but we recognised early on that there was an appetite from merchants for more complete, easy-to-integrate solutions that reduce operational complexity as well as benefit their bottom line. Now, through our Shopware partnership, they have a simple way to activate Brite and see the impact on their business.” Brite Instant Payments allow businesses to tackle operational inefficiencies while alleviating pain points associated with legacy payment methods. Instant processing provides greater predictability and mitigates fraud, while eliminating costly chargebacks. Additionally, the refunds process, which adds considerable complexity in the e-commerce sector, can be streamlined with Brite Instant Payouts. New research from Brite Payments reveals that two-thirds (67%) of Germans are familiar with Pay by Bank, with more than one-third (36%) of 18-29 year-olds already using the payment method either daily or weekly. Furthermore, 4 in 10 Germans are willing to try new forms of online payment, indicating considerable potential in Shopware’s largest market. One of Sweden’s fastest-growing fintechs, Brite announced a $60 million fundraise in October 2023, and the company’s partnership with Shopware aligns with Brite’s geographic expansion plans as it extends product coverage across Europe. For more information about Brite, please visit: www.britepayments.com ABOUT BRITE 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. ABOUT SHOPWARE Shopware, founded in Schöppingen in 2000, offers a holistic omnichannel digital commerce platform for sophisticated mid-market and lower enterprise merchants, with high flexibility and various options for B2C, D2C, B2B, as well as service-based use cases. Shopware is well-positioned and one of the market leaders in its segment, especially in the DACH region, with a fast-growing business in North America. The solution is headless, API-first, and uses an open source architecture, allowing merchants to individually customize and scale the product offering, creating a strong customer experience. Furthermore, Shopware relies on a global network of 1,600 sales, technology and solution partners, securing a stable ecosystem. Shopware merchants currently process a combined GMV of more than $22 billion USD across the global Shopware platform. *Survey Methodology All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 8,439 adults. Fieldwork was undertaken 2-8 January, 2024. The survey was carried out online. The figures have been weighted and are representative of European adults (aged 18+) in the following European countries; United Kingdom, Germany, France, Spain, Finland and the Netherlands.
Brite Launches Instant Payments in Germany to Further Boost European Coverage
Stockholm – 24 April, 2024 – Brite Payments, a leader in instant bank payments, today announced the launch of Brite Instant Payments in Germany. The fast-growing Swedish fintech enables instant account-to-account (A2A) payments and payouts, leveraging Europe’s open banking infrastructure. The launch of the company’s full solution in Germany marks its most significant market expansion to date, building upon its strong presence in the Nordics, Baltics and Benelux as it continues to expand across Europe. “We now offer a complete solution to the German market – covering Instant Payments in addition to Instant Payouts – and can serve the needs of even more merchants and businesses,” said Lena Hackelöer, Founder & CEO, Brite Payments. “2024 is the year that A2A payments, or Pay by Bank, looks set to enter mainstream consciousness, and as the EU’s most populous country and the third-largest economy in the world, Germany represents enormous untapped potential.” Now the world’s third-largest economy, Germany still faces macroeconomic headwinds and a weakened outlook, which for merchants and businesses has brought operational efficiency – including the role of payments strategy – into sharp focus. Instant payments offer businesses across a diverse range of sectors a way to tackle operational inefficiencies while alleviating pain points associated with many legacy payment methods. Brite’s open banking-first approach to instant A2A payments enables 24/7/365 instant payments processing while mitigating fraud and eliminating chargebacks. The company’s ‘Single Sign’ capabilities make it possible for consumers to complete payment up to 40% faster, using only top-of-mind information and circumventing the need for account creation or registration. Brite relies upon its own proprietary network – Brite Instant Payments Network (Brite IPN) – for instant processing and to overcome the fragmentation that currently exists within Europe’s real-time payments landscape. Leading digital auction platform Auctionet, which already partners with Brite to offer instant payments to successful bidders through dozens of auction houses across Europe, is one of the first companies to offer Brite Instant Payments in Germany. Auctionet users in Germany now benefit from a user-friendly and secure payment option, while the auction houses benefit from automatic reconciliation and other back-office processes that increase efficiency. Research conducted by Brite Payments and YouGov indicates growing consumer appetite in Germany – the EU’s largest country with a population of more than 80 million – for more secure and convenient payment methods. New data shows that two-thirds of Germans (67%) are already familiar with Pay by Bank or A2A payments, which although significantly less than in the Netherlands, UK, or Spain, highlights growing awareness. Pay by Bank is used at least monthly for online purchases by 38 percent of Germans, which is the same as credit cards, though lagging behind digital wallets (53%). 40 percent of Germans indicate they are willing to try new forms of online payment, substantially higher than the UK (34%) and France (33%). Brite’s survey data reveals that payments in Germany are ripe for disruption, with consumer expectations converging with new approaches to enabling instant payment processing that ensure security and convenience as well as speed. “Consumers now expect real-time interactions across all digital touchpoints and in all facets of their lives,” continued Hackelöer. “Far from being a laggard, our recent research shows the German market has huge growth potential for instant bank payments, as consumers seek online payments that are secure, without sacrificing convenience. Familiarity with bank transfer payment methods is already high, indicating a market that is primed for adoption of our user-friendly instant payments.” For more information about Brite, please visit: www.britepayments.com ABOUT BRITE 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. SURVEY METHODOLOGY All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 8,439 adults. Fieldwork was undertaken 2-8 January, 2024. The survey was carried out online. The figures have been weighted and are representative of European adults (aged 18+) in the following European countries; United Kingdom, Germany, France, Spain, Finland and the Netherlands.
Brite Payments Strengthens Leadership Team with Appointment of Luke Trayfoot as Chief Commercial Officer
Stockholm – 16 April, 2024 – Brite Payments, a leader in instant bank payments, today announced that Luke Trayfoot has joined the company as Chief Commercial Officer (CCO), leading the Stockholm-headquartered fintech’s commercial efforts. The appointment of the former PayPal and Mangopay executive signifies a new phase in Brite’s journey as it accelerates its growth in markets across Europe. Brite Payments enables instant account-to-account (A2A) payments and payouts, leveraging Europe’s open banking infrastructure to build a fully-featured Pay by Bank solution, backed by its own proprietary network – Brite Instant Payments Network (Brite IPN). Brite announced a $60 million fundraise in October 2023, bringing on board new investors Dawn Capital and Headline. The fresh funding is being invested in technology development as well as bolstering its commercial team with local and sector-specific expertise. As the second-generation fintech’s CCO, Trayfoot will spearhead those efforts for Brite. Luke Trayfoot joins Brite Payments from Mangopay, a marketplace payment infrastructure specialist, where he oversaw international expansion efforts and led strategic initiatives to deliver growth as the company’s Chief Revenue Officer. Previously, Trayfoot served as Director of Strategic Platforms & Marketplaces EMEA at PayPal, overseeing the successful post-acquisition integration of Hyperwallet. In his decade-plus career in financial services and payments, Trayfoot has consistently delivered revenue growth while building high-performing commercial teams. “Brite Payments has built a strong foundation to be the category leader for instant bank payments – as well as having a strategic vision for how it can be achieved,” said Luke Trayfoot, CCO, Brite Payments. “I’m excited to be a part of this journey and to lead commercial growth as instant payments become a checkout staple. With its complete out-of-the-box instant payments offering, Brite has succeeded in reducing operational complexities for merchants, while directly addressing many of their long-standing pain points.” “Luke combines a wealth of sales leadership experience and deep payments expertise – making him ideally suited to join Brite as our first Chief Commercial Officer. We’re thrilled to have him join us and head up our commercial efforts across all sectors and countries where we operate,” said Lena Hackelöer, Founder & CEO, Brite Payments. “With his track record in driving market expansion and managing enterprise sales, Luke drives revenue growth as we expand our product offering and add local expertise in key European markets in 2024 and beyond.” Recent research conducted by Brite Payments and YouGov reveals rising familiarity with Pay by Bank in Europe (73% of those surveyed indicate some level of familiarity with the payment method) with usage highest amongst younger demographics, showing the increased demand for alternative payment methods across the continent. Brite’s survey data also indicates consumer willingness to try new payment methods, with high importance placed on online payment methods that are fast, secure, and convenient. For more information about Brite, please visit: www.britepayments.com ABOUT BRITE 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 between consumers and online merchants in real-time. 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 connects to more than 3,800 banks within the EU and its offering is currently available in 26 markets across Europe.
New Research From Brite Payments Shines a Light on the Rise of Pay by Bank – And Highlights Consumer Willingness to Embrace New Payment Methods
Stockholm – 20 March, 2024 – The way consumers pay is changing, and Pay by Bank is emerging as an appealing choice, ranking as a top three payment method in the UK, Netherlands, Finland, Spain and Germany. A new report, based on research conducted by YouGov and Brite Payments, a leader in instant bank payments and one of Sweden’s leading fintechs, details how payment habits and preferences are evolving. It also shines a light on why Pay by Bank is gaining traction amongst a growing number of consumers. The Instant Economy Payment Insights report, based on fieldwork conducted in January 2024 that surveyed more than 8000 consumers across six key European markets, examines emerging trends and payment preferences. The inaugural report reveals a growing appetite for new payment methods that cater to consumer demand for secure, convenient, and instant payments. It highlights similarities and differences across the markets surveyed, which illustrate the diversity of payment behaviours that pose a challenge for businesses that are increasingly international in nature. Report Highlights: “Immediacy and convenience are at the core of today’s instant economy, with consumers now expecting real-time interactions across all digital touchpoints and in all facets of their lives,” said Lena Hackelöer, Founder & CEO, Brite Payments. “However, the promise of a true instant economy remains unfulfilled, in part, because it requires an entire ecosystem of digital payment technologies that have struggled to keep up with changing consumer needs.” Needing to create an account (22%) and needing to use an app(17%) were the most frequently encountered issues when making online payments, according to the report. The prevalence of these issues indicates an opportunity for easy-to-use payment methods that only require consumers’ top-of-mind information. However, despite a clear desire for convenience, security ranks as the most important factor when considering a new payment method (73% of respondents), higher than fees (64%) and ease of use (47%). Speed also emerges as a key consideration in consumers’ choice of payment method – more than a third of respondents placed high importance on immediately seeing transactions reflected on their accounts, with this rising to nearly half for the Netherlands (44%) and Spain (46%). Consumers also expect rapid settlement of payments they receive – whether in the form of refunds or payouts – with over half (50.1%) agreeing that it is unreasonable to wait for more than an hour to receive a payment from a business. “Account-to-account payment methods are not entirely new – in fact, they are well established in many European markets. What is noteworthy is that a new generation of Pay by Bank or A2A solutions based on open banking is emerging, which not only address merchant pain points but also clearly converge with consumer demands for more convenient and secure payments,” concluded Hackelöer. Brite Payments enables instant account-to-account (A2A) payments and payouts, leveraging Europe’s open banking infrastructure. Brite announced a $60 million fundraise in October 2023 and is expanding its presence in markets across Europe, while investing in its technology stack – most notably Brite Instant Payments Network (Brite IPN), the company’s proprietary network for processing instant payments. For more information about Brite, please visit: britepayments.com or download the Instant Economy Payment Insights report. SURVEY METHODOLOGY All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 8,439 adults. Fieldwork was undertaken 2-8 January, 2024. The survey was carried out online. The figures have been weighted and are representative of European adults (aged 18+) in the following European countries; United Kingdom, Germany, France, Spain, Finland and the Netherlands. ABOUT BRITE 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.
Brite Payments joins the Payments Association
Brite Payments Joins The Payments Association as Instant Payments Gain Traction Across Europe
Stockholm – 8 February, 2024 – Brite Payments, a leader in instant bank payments, today 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. “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 & 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.” For more information about Brite, please visit: www.britepayments.com ABOUT BRITE 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.
Brite Payments Appoints Paul Myatt as SVP Gaming & Financial Services
Stockholm – 1 February, 2024 – Brite Payments, a leader in instant bank payments, announced today that it appointed Paul Myatt to lead the company’s commercial efforts in gaming and financial services. The appointment illustrates Brite’s continued growth and ambition as the instant payments specialist strengthens its commercial operations following last year’s $60 million funding round. Myatt brings two decades of experience in B2B software and services sales to his role at Brite, including more than a decade in the Gaming sector. He has served as Chief Business Development Officer at Aspire Global, a leading B2B provider of end-to-end online gaming platforms, as well as Chief Commercial Officer & MD at leading Swedish game studio Quickspin. In the newly created Senior Vice President – Gaming and Financial Services role, Myatt will lead the teams supporting these verticals. 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. This most recent appointment reflects the company’s growth ambitions as it bolsters its commercial team with local and sector-specific expertise. As a senior commercial leader, Myatt has a track record of driving new business and working with rapid-growth companies that operate in highly regulated industries. “I am thrilled to be joining Brite Payments – a dynamic, fast-growth company operating in a rapidly evolving sector,” said Paul Myatt, SVP – Gaming & Financial Services, Brite Payments. “Open banking is proving to be a catalyst for change, and instant payments are emerging as one of the most promising use cases. However, there is growing appetite in the market for more complete, easy-to-integrate solutions that reduce operational complexity and benefit the bottom line for merchants. Brite is a leading light in the development of such solutions.” “Paul joins Brite at an exciting time, as we see growing interest in our instant payments and payouts solutions across geographies and industries,” said Lena Hackelöer, Founder & CEO, Brite Payments. “He brings a wealth of experience to his role and understands the crucial need for fast payments and payouts in the customer experience. Paul’s deep understanding of the pain points faced by businesses, coupled with his knowledge of the regulatory environment in which we operate, means that Paul will play an important role in our growth as Brite Payments continues to scale at pace.” For more information about Brite, please visit: www.britepayments.com About Brite 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.
Sweden’s Northe Supercharges its Electric Vehicle Charging Platform with Brite Payments
Stockholm – 31 January, 2024 – Brite Payments, a leader in instant bank payments, today announced that it has partnered with Northe, a one-stop platform for electric vehicle (EV) charging, to provide customers with a more streamlined payments process. Founded in Stockholm in 2020, and buoyed by fresh funding in early 2023, Northe is connected to an extensive network of public, semi-public, and private partners. It provides customers with an all-in-one platform that facilitates and automates the management of everyday EV charging needs. Via the Northe charging app, private and business customers access thousands of charging stations, connecting multiple operators and removing friction in the payment and reimbursement process. Brite Payments, one of Sweden’s fastest-growing fintechs, enables instant account-to-account (A2A) payments and payouts based on Europe’s open banking infrastructure. The first phase of Northe’s collaboration with Brite involves the use of Brite Instant Payouts to equip leasing companies with a streamlined way to reimburse drivers for home EV charging. The partnership also includes use of Brite Data Solutions (open banking-enabled AIS – Account Information Services) to verify account holder information for reimbursements. “Our mission is to solve the charging issues that many fleet operators and EV customers encounter, which threaten to hold back the transition away from fossil fuels to greener alternatives,” said Abdulwahid Ahmed, Chief Operations Officer, Northe. “With Brite, we can give leasing companies the tools they need to simplify the reimbursement process and give users a more seamless charging experience. Payment and reimbursement processes are a critical factor in customer retention and satisfaction in our dynamic and fast-moving industry.” Sweden and Norway are established global leaders in e-mobility, and many European countries are approaching a tipping point as falling costs and advancing technology fuel the transition to EVs. However, significant infrastructure challenges remain, especially for businesses managing charging, payments and reimbursements for commercial EV fleets. Rental car companies can also make EV rentals more attractive for customers by offering all-in-one charging and payment solutions – as illustrated by Northe’s collaboration with Avis. “Northe is proof that Nordic companies are tackling the challenges of EV transformation head on, with innovative solutions that help facilitate the green transition,” said Sebastian Pruszynski, VP – Business Development, Brite Payments. “We’re excited to be supporting Northe’s mission, starting with our Data and Instant Payouts solutions, to make EV charging services simpler and more intuitive. With Northe expanding rapidly and offering services across a growing number of European countries, Brite is also well positioned to support their future growth aspirations.” “The EV sector as a whole is growing rapidly, and Northe will be expanding geographically to serve customers in more European markets – Brite gives us the reliability and scalability we need to confidently enter new markets and supercharge the capabilities of our all-in-one platform,” concluded Ahmed. For more information about Brite, please visit: www.britepayments.com ABOUT BRITE 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.
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