Brite Payments and Shopware team up for instant payments across Europe


Brite Payments , a provider of instant bank payments, has teamed up with Shopware , an ecommerce platform in Europe, to introduce Open Banking-based instant payments to businesses across the continent

Brite Payments , a provider of instant bank payments, has teamed up with Shopware , an ecommerce platform in Europe, to introduce Open Banking-based instant payments to businesses across the continent. Through this collaboration, Shopware merchants gain access to ‚’Pay by Bank’ functionality, allowing their customers to conduct instant transactions directly from their bank accounts.

This process is made possible by Brite's Instant Payments Network (Brite IPN), leveraging Europe’s Open Banking infrastructure for secure and cost-effective transactions. Shopware, serving over 45,000 merchants with its flexible and scalable open-source platform, holds a significant position in the European ecommerce market. With an annual growth rate of 40%, the company processes approximately EUR 22 billion in gross merchandise volume (GMV) annually.

Its influence extends beyond Germany, with rapid expansion across Benelux and the Nordic countries – regions where Brite provides comprehensive solutions to support merchants. Brite Instant Payments addresses operational inefficiencies and alleviates challenges associated with traditional payment methods. Instant processing offers greater predictability, fraud mitigation, and eliminates costly chargebacks.

Moreover, the refund process, known for its complexity in the ecommerce sector, can be streamlined with Brite Instant Payouts. Recent research from Brite Payments underscores the growing popularity of Pay by Bank in Germany, indicating significant potential for adoption. PSD2 and the rise of Open Banking innovation in Europe The Open Banking revolution in Europe represents a shift in the financial landscape, driven by a commitment to fostering competition, innovation, and empowering consumers with greater choice.

Central to the Open Banking movement in Europe is the PSD2, a regulatory framework implemented to modernise payment services and improve security standards across the EU. PSD2 mandates banks to provide TPPs with access to customer account information and payment initiation services, paving the way for a new era of financial innovation. Leveraging the provisions of PSD2, fintech companies like Brite Payments have emerged with solutions such as Brite Instant Payments, which capitalise on the integration of bank account data and payment initiation services to offer instant and secure payment experiences to businesses and consumers alike.

The advent of Open Banking regulations like PSD2 has catalysed a wave of disruptive innovation in the financial sector, unlocking new opportunities for collaboration between traditional financial institutions and fintech startups. By embracing Open Banking principles, banks and fintech firms can leverage each other's strengths to deliver products and services that meet the evolving needs of consumers in today's digital economy. Driving innovation through strategic ecommerce partnerships Strategic partnerships and collaborations play a pivotal role in shaping the competitive landscape of ecommerce payments.

By joining forces, companies like Brite Payments and Shopware can leverage complementary strengths to create synergistic offerings that deliver value to merchants and consumers alike. These partnerships enable access to broader networks, expanded resources, and specialised expertise, helping companies to stay ahead of the curve and adapt swiftly to changing market dynamics. Furthermore, these collaborations pave the way for the development of value-added services that cater to the specific needs of merchants and consumers.

Whether it's integration with existing ecommerce platforms, better security features, or personalised payment experiences, strategic partnerships enable companies to tailor their offerings to address market demands effectively. By harnessing the collective strengths of multiple players in the ecosystem, these collaborations drive innovation, fuel growth, and elevate the standard of ecommerce payments, ultimately improving the overall digital shopping experience for merchants and consumers alike. .


May 03, 2024 13:33
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