Brite Payments has launched its Pay by Bank service in the UK after securing an Electronic Money Institution (EMI) licence from the Financial Conduct Authority (FCA).
The Swedish fintech said the launch will allow UK merchants to accept Pay by Bank transactions domestically through a single API integration. The same connection can also be used to accept payments across Brite Payments’ European network, which it said includes more than 3,800 banks in 27 markets.
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Brite Payments founder and CEO Lena Hackelöer said: “The UK is one of the most mature open banking markets in the world, but it’s been dominated by overseas card networks and reliance on legacy providers built for a single market.
“Both merchants and consumers are not just losing out, but are actively impacted, as our survey results show.
“Today’s launch is an exciting moment in a post-Brexit world, as UK merchants can easily start offering Pay by Bank to their local customers and customers across Europe, enabling their expansion internationally.”
The company said its UK rollout will be phased. It positioned the proposition as an alternative for merchants seeking to reduce reliance on multiple local providers and to address settlement processes linked to existing contracts.
Pointing to the broader market context, Brite Payments said the UK has more than 15 million open banking users.
Founded in 2019, Brite Payments provides instant payments, payouts and data products, using local payment rails, open banking and its Brite Instant Payments Network (IPN).
The Dawn Capital-backed company launched its instant payment service in Germany in 2024.
