SOFORT and Brite Payments Launch European Instant Payout Partnership

Stockholm / Munich, April 12, 2022 - SOFORT, Europe’s market leader for online bank transfers, has announced a unique open banking partnership with instant payment provider, Brite Payments.

Launching in July 2022, the new partnership will see SOFORT’s bank transfer product complemented by Brite Payments’ instant payout solution. Following the launch, merchants using the SOFORT platform will be able to opt for the service and activate Brite Payments’ innovative instant payout solution without additional technical effort, allowing them to disburse funds to consumers within seconds.

The joint solution, entitled ‘SOFORT Instant Payouts powered by BRITE’, lets merchants facilitate instant payouts through their existing SOFORT Bank Transfer integration. This means there is no need for labor-intensive integrations, enabling a quicker ‘go to market’. Additionally, Brite Payments will continue to offer its standalone instant payment service for businesses separately to the SOFORT platform.

Since its inception, SOFORT’s online banking-based payment method, also known as Sofortüberweisung in Germany, has been used for more than one billion transactions and boasts more than 85 million users. Now, many of these customers will be able to start receiving funds instantly when requesting a payout from their online platform. As part of the partnership, Brite Payments will disburse funds to the same bank account used to make the initial payment with SOFORT, offering a genuine one-click solution.

Speaking on the partnership, Lena Hackelöer, CEO and founder of Brite Payments shared: “We’re all very excited to launch our joint solution across some of the continent’s leading markets, where SOFORT is a highly popular payment solution with online shoppers. This prominence makes them the ideal partner for us. Combined with our instant payout technology, we can jointly provide a very convenient solution for consumers and merchants alike. Instant payments are the future of payments and together with SOFORT we want to finally anchor this technology in everyday life.”

Wilko Klaassen, Managing Director Sofort GmbH commented: “We are very proud to offer our SOFORT users instant payouts in a manner that complements our existing direct bank transfer product, by establishing this unique partnership with Brite Payments. Instant payouts is a service for which we have seen a great need in the market for some time, and we are pleased to have found a solution as efficient and innovative as Brite’s.This additional service ‘SOFORT Instant Payouts powered by BRITE’ is offering our partners and users the speed and convenience required within the e-commerce space.”

ABOUT BRITE:

Brite Payments is a second generation FinTech based in Stockholm. The instant payments provider is leveraging Open Banking technology to process 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. The company currently operates across 21 markets in Europe and is connected to more than 3,800 banks within the EU.

Learn more on britepayments.com

ABOUT SOFORT:

SOFORT is Europe’s market leader for online banking-based payment methods with more than 15 years experience in the market. SOFORT has a bank coverage of 99% in 13 markets thus enables transactions with almost every bank and gives access to more than 350M users in Europe. Their products help a constantly growing number of merchants worldwide to accelerate their businesses and offer the best online banking-based payment solutions to customers.

Using SOFORT is easy, safe and intuitive for partners and customers. Their full stack payment solution can be customized for individual retailers and can also be integrated via PSPs. In Germany SOFORT is among the top 3 payment methods with an awareness of 94% among consumers.

Learn more on SOFORT.com