Brite Payments, a leader in instant bank payments, today announced that it has partnered with leading e-commerce platform Shopware to bring the benefits of its open banking-based instant payments to businesses across Europe.
Shopware merchants can now easily activate Pay by Bank (aka account-to-account or A2A payments), which enables their customers to pay instantly, directly from their bank account. Highly secure, cost-effective payments are facilitated through the Brite Instant Payments Network (Brite IPN), a proprietary network that leverages Europe’s open banking infrastructure. The result is a complete, out-of-the-box solution that Shopware merchants can conveniently access through a Shopware 6-compatible plugin.
Shopware is one of Europe’s largest open-source e-commerce platforms, with a flexible and scalable platform serving more than 45,000 merchants. The German-headquartered company has registered 40 percent annual growth, and its merchants process around €22 billion in gross merchandise volume (GMV) each year. Shopware has a particularly strong presence in Germany, where Brite recently launched Brite Instant Payments, but its footprint is expanding rapidly across Benelux and the Nordic countries - markets where Brite also has a complete product offering available to support merchants.
“We’re thrilled to welcome Brite Payments as a Gold Technology Partner and to expand the range of convenient, end-user-focused payment solutions available to our growing base of e-commerce merchants,” said Alexey Pronin, General Manager EMEA, Shopware. “Shopware is committed to giving merchants the variety of tools they need to succeed in the fast-changing world of online commerce - Brite Instant Payments is a powerful addition to that toolkit, representing a modern approach to Pay by Bank that puts customer experience at the forefront.”
“Shopware is a market leader in Germany, trusted by leading brands, and we’re excited to be able to offer them our intuitive instant payments solution,” said Luke Trayfoot, Chief Commercial Officer, Brite Payments. “Open banking-based payments offer huge potential, but we recognised early on that there was an appetite from merchants for more complete, easy-to-integrate solutions that reduce operational complexity as well as benefit their bottom line. Now, through our Shopware partnership, they have a simple way to activate Brite and see the impact on their business.”
Brite Instant Payments allow businesses to tackle operational inefficiencies while alleviating pain points associated with legacy payment methods. Instant processing provides greater predictability and mitigates fraud, while eliminating costly chargebacks. Additionally, the refunds process, which adds considerable complexity in the e-commerce sector, can be streamlined with Brite Instant Payouts.
New research from Brite Payments reveals that two-thirds (67%) of Germans are familiar with Pay by Bank, with more than one-third (36%) of 18-29 year-olds already using the payment method either daily or weekly. Furthermore, 4 in 10 Germans are willing to try new forms of online payment, indicating considerable potential in Shopware’s largest market.
One of Sweden’s fastest-growing fintechs, Brite announced a $60 million fundraise in October 2023, and the company’s partnership with Shopware aligns with Brite’s geographic expansion plans as it extends product coverage across Europe.