Brite Payments

Name of the product or service

Brite Instant Payments

Votes: 45

Product or service description

Brite Payments is a leading open banking-powered account-to-account (A2A) payment provider of instant payments and instant payouts. With its technology Brite Payments provides a superior transaction experience for consumers and a risk-free payment process for merchants.

With Brite Instant Payments no signup or credit card details are required as consumers authenticate themselves with top-of-mind details using their bank’s usual identification method. The company currently operates across 21 European markets and is connected to more than 3,800 banks within the EU.

Distinction from the competition

While Brite has already established itself in Europe and is growing steadily and organically, the company strives to become a global A2A payment provider with a differentiated product offering and customer experience.

As a payment provider focused on instant payment products, the company is dedicated to meeting the needs of end consumers by offering a seamless and fast experience across all devices. No app needs to be downloaded and users neither have to register with Brite Payments, nor do they have to remember their card details. All while benefiting from a high level of security: With KYC and AML compliance support, data is pulled from the user’s bank account, enabling a secure and fast transaction.

Brite believes that a positive payment experience begins and ends with the consumer's financial security in mind. Brite ensures quick cash flow by eliminating waiting times for cashbacks, refunds and other times when consumers needlessly wait for their money.

Brite also offers a wide range of benefits for merchants, insurers, gig platforms and many other industries. It facilitates a robust conversion that keeps the customer in the merchant environment. The risk of human error is also significantly lowered, as bank data is automatically filled and does not need to be typed in manually, in turn reducing the risk of chargebacks.

Product or service innovations

Brite announced several innovative solutions, three of them being milestones achieved in 2022: its convenience-driven Single Sign product and also its much-celebrated partnership with SOFORT, the European payments giant.

Single Sign, the innovative one-step solution, allows customers to pay straight from their bank account with only one authentication step, except for cases where regulation requires additional verification. Representing the next generation of instant bank payments, the solution helps users pay up to 40% faster than standard A2A payment flows, as shown by Brite data.

The collaboration with SOFORT includes a pan-European instant payout solution: SOFORT’s bank transfer product is now complemented by Brite Instant Payouts and is available to SOFORT customers without any additional integration effort. The collaboration creates a closed payment loop – consumers that pay with SOFORT can receive any refunds via Brite instantly without having to sign-up for a new service. This unique partnership is set to deliver greater speed and convenience to more than 80 million users of SOFORT in Europe’s largest markets, enabling them to finally take advantage of truly instant payouts.

Recently, Brite Payments presented the feature “Time2Money”, which is embedded in the iFrame of the payment journey. It gives the customer an accurate indication to the second of when the payment will be settled and arrives on their account. “Time2Money” builds trust with customers by showing them exactly when their money will arrive.

Customer case study

The Swedish startup Gigleer is a digital platform that makes it possible to match gig workers with available jobs in the hospitality industry. To stand out as a platform, Gigleer knew they had to create attractive conditions for gig workers. And with 75% of consumers finding it hugely important to receive instant payments from businesses, Gigleer knew it was time to find a better and faster way to pay its gig workers in a way that suited the fast-paced environment in which they work. Using Brite’s Instant Payout product, Gigleer is thus greatly simplifying the customer experience. Once gig workers complete a job, they receive a notification via the app that their pay has been paid within seconds. This fast and convenient payment method is perfect for gig workers who are ready to move on to their next project.

Positive feedback & testimonials

“Flexibility and customer centricity are two cornerstones of the gig economy. That’s why partnering with Brite was a clear choice for us. We are proud of our collaboration that makes it possible for all users on our platform to receive their salary in an instant and secure way.”

(Marcus Boström, Founder and CEO Gigleer)

Website

https://britepayments.com/de/


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