SOFORT, an online bank transfer platform, has partnered up with Brite Payments to drive instant ‘one-stop’ payment solutions for consumers.
Launching in July 2022, the new partnership sees SOFORT’s bank transfer product complemented by Brite Payments’ instant payout platform. Merchants using the SOFORT platform will be able to opt for the service and activate Brite Payments, providing funds to consumers within seconds.
Titled, ‘SOFORT Instant Payouts powered by BRITE’, merchants will be able to facilitate instant payouts through SOFORT’s bank transfer software. This aims to enhance the customer journey, making it seamless and frictionless.
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.”
Additionally, Brite Payments will continue to offer its standalone instant payment service for businesses separately to the SOFORT platform. The Swedish ‘second-generation’ fintech will also be able to disburse funds to the same bank account used initially with SOFORT.
Lena Hackelöer, CEO and founder of Brite Payments added: “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.”
According to News Events Insight, Faster Payments processed 327.1 million payments last March globally, which is a 12% increase on the amount processed in March 2021. This totalled up to £272 billion in overall payments.