Swedish fintech Brite Payments has launched a proprietary instant payments network to enable instant payments and payouts in Europe via Open Banking.
Brite Instant Payments Network (IPN) will provide European merchants and businesses with a “complete, out-of-the-box” instant payments and payouts solution.
According to Brite, its new network helps to address the “limitations” of SEPA Instant and the “fragmented nature” of real-time payments in Europe.
The new IPN also enables instant payments and payouts in markets and currencies outside the eurozone, Brite confirmed.
“Open Banking has enormous untapped potential but businesses need easy-to-integrate products that deliver real and immediate value,” said Lena Hackelöer, founder and chief executive officer of Brite Payments.
“Brite IPN is the ‘engine’ that enables us to process payments instantly and equip businesses with a true out-of-the-box solution.”
Brite IPN takes full receipt of incoming funds and settles them quickly, on behalf of merchants across Europe, while merchants can also fund or request settlement in a currency of their choice, powered by the network’s merchant FX capabilities.
She added: “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.”
Already this year, Brite extended its payouts coverage into three new markets in Central and Eastern Europe, citing increased demand from international merchants.
The addition of Croatia, Romania, and Hungary, took its total coverage to 24 European markets in March.