Brite Payments launches its proprietary Instant Payments Network
By Gloria Methri
Swedish FinTech Brite Payments has announced the launch of the Brite Instant Payments Network (IPN). A proprietary network, Brite IPN leverages open banking capabilities to give merchants a unique instant payments and payouts solution.
The company aims to enable 24/7/365 instant payment processing while helping address the limitations of SEPA Instant and the fragmented nature of real-time payments in Europe. Brite IPN enables instant payments and payouts in markets and currencies outside the Eurozone.
“Open banking has enormous untapped potential, but businesses need easy-to-integrate products that deliver real and immediate value. Brite IPN is the ‘engine’ that enables us to process payments instantly and equip businesses with a true out-of-the-box solution,” said Founder & CEO, Lena Hackelöer. “We have been building our next-generation proprietary network since the company 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 faster, more convenient, and more secure open banking payments solution.”
According to the company, the new propriety network offers merchants significant advantages over traditional open banking payments. It takes full receipt of incoming funds and settles 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.
Some of its key benefits include:
- 24/7/365 processing – eliminates reliance on traditional bank clearing cycles and cut-off times while reducing risk and mitigating fraud
- Automated reconciliation and reporting – reduces operational costs
- Smart routing – payments are optimised for speed and most efficient routing
- Merchant FX – Brite IPN can exchange FX upon request, helping bridge the gap between Europe’s instant payment schemes
- End-to-end payment visibility – Brite provides insights into the payment status of every transaction initiated through its network
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