Shopware Teams Up with Brite Payments for Seamless Instant Banking Integration
Shopware, the renowned e-commerce platform, has joined forces with Brite Payments, a leading provider of instant bank payments solutions, to enable customers of its merchants to make instant payments directly from their bank accounts, as highlighted in The Fintech Times.
The integration of Pay by Bank, an account-to-account (A2A) open banking-based payment solution from Brite, facilitates highly secure and cost-effective transactions through the Brite Instant Payments Network (Brite IPN). Shopware merchants can effortlessly access this comprehensive solution via a Shopware 6-compatible plugin, offering a seamless payment experience to their customers.
According to recent research conducted by Brite Payments, a significant portion of Germans, approximately two-thirds, are familiar with Pay by Bank. Among younger demographics, such as 18-29 year-olds, over one-third already utilize this payment method daily or weekly, showcasing its growing popularity. Moreover, the study indicates a considerable willingness among Germans to explore new online payment methods, underscoring the vast potential within Shopware’s primary market.
Shopware, with its flexible and scalable platform catering to over 45,000 merchants, has been experiencing robust growth, particularly in Germany. With an annual growth rate of 40%, Shopware merchants collectively process approximately €22 billion in gross merchandise volume (GMV) annually.
Although Shopware has a significant presence in Germany, its reach extends rapidly across Benelux and the Nordic countries. This expansion aligns with Brite’s recent launch of Brite Instant Payments in Germany and its broader strategy to provide comprehensive support to merchants across Europe.
Brite Payments, headquartered in Sweden, recently secured a $60 million fundraise in October 2023, signaling its growth trajectory. The partnership with Shopware aligns with Brite’s expansion plans, enabling it to extend its product coverage across Europe.
Brite Instant Payments presents businesses with an opportunity to address operational inefficiencies and overcome challenges associated with traditional payment methods. Instant processing ensures predictability and reduces fraud risk, while also eliminating costly chargebacks. Additionally, the refunds process, often complex in e-commerce, can be streamlined with Brite Instant Payouts.
Alexey Pronin, general manager EMEA at Shopware, expressed excitement about welcoming Brite Payments as a Gold Technology Partner, emphasizing the commitment to providing merchants with diverse tools to succeed in the evolving landscape of online commerce.
Luke Trayfoot, chief commercial officer at Brite Payments, highlighted Shopware’s market leadership in Germany and the value of offering their intuitive instant payments solution to leading brands.
The collaboration between Shopware and Brite Payments marks a significant step towards enhancing the payment experience for e-commerce merchants and their customers. With the integration of Brite Instant Payments, businesses can embrace modern, customer-centric payment solutions to drive growth and improve operational efficiency.