Swedish fintech Brite Payments has expanded its instant pay-in and pay-out systems to the Baltic nations.
Following the launch of its instant payment solution in Estonia earlier this year, Brite Payments will expand its offering to the other Baltic countries, Latvia and Lithuania, by utilising open banking to facilitate instant account-to-account payments.
Customers within the region can bypass card and personal information via the use of a secure pay-in solution, enabling the customer to pay straight from their bank account, whilst the pay-out function allows for instant receipt of funds from merchant to customer.
“We are really proud to announce that we now offer full coverage across the Baltic region, and are able to impactfully serve both local and Nordic merchants,” stated Lena Hackelöer, Founder & CEO of Brite Payments.
“This move represents another big stride forward in our mission to bring quick, easy and secure instant payments to customers and merchants across Europe. The Baltics have been on our radar since our inception in 2019 and we have been really pleased to see the population’s adoption of digital payments.”
Fintech innovation and development has been flourishing within the Baltic region, particularly within Lithuania, which boasts the 10th best fintech sector in the world, according to a Findexable Global Fintech Index Report last year.
Brite Payments will look to solidify its position within the region after identifying the consumer need for quicker transactions to optimise the user experience.
The Stockholm-based company launched its Single Sign product several months ago as well as partnering with European payment firm SOFORT, expanding its operations and presence across the continent.
Payment Expert spoke to Hackelöer last March on the importance of instant payments and why they are not as common as one would expect.
She commented: “When we talk about instant payments, we’re talking about a few seconds for payments which have benefits both for the consumer and the merchant.
“From a consumer point of view, making a fast payment is always nice, receiving a fast payment is especially nice… It’s not a common standard today.”