Brite Payments brings international Pay-by-Bank network to the UK

Brite Payments is officially entering the UK market after securing a license from the FCA. This move introduces a robust 'Pay-by-Bank' alternative to traditional credit card processing and BNPL providers. For retailers, this technology allows customers to pay for goods directly from their bank accounts using open banking protocols, bypassing the need for physical cards or lengthy credit applications. The biggest impact for your business is the potential for instant settlement. Unlike traditional card payments that can take days to clear, Brite’s network facilitates real-time fund transfers. This improves your cash flow immediately. Additionally, because the system uses biometric authentication through the customer's own bank app, it significantly reduces the risk of fraud and eliminates many of the chargeback headaches associated with standard credit transactions. If you are looking to lower your processing fees and offer a frictionless checkout experience for high-average order values, this entry into the UK market provides a new competitive option to consider alongside your current financing stack.

Source: Finextra — Lending

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