Brite AB is a fintech company that specializes in cutting-edge technology. They even call themselves a second-generation fintech challenger, so they seem to firmly believe in their product (or they’re just young and confident). Brite was founded in Stockholm in 2019 by a team of hungry tech professionals. Since Sweden seems to be the way to be if you want to be successful in the business of fintech, that was probably the first thing that paved the way for Brite AB’s success.
With local role models like Trustly, Klarna, and Qliro turning the first sod, companies like Brite are now trying to break into the industry as the second wave of fintech. They are working on an advanced solution to make digital payments cheaper and more accessible.
What is Brite?
Brite is a so-called open bank company that has developed its own platform for bank-to-bank payments. They utilize banking APIs to access customers’ banking data to transfer money directly between accounts. Do you think it sounds unsafe for a third party to access your data? Well, it’s just as safe as when your bank is transferring money to or from your bank account.
Brite doesn’t process the payments or access any sensitive information about its customers. Everything is handled on the bank’s platform. It is actually the contrary; Brite is your protector that safeguards your information from online casinos. They use the exact same system as the bank itself, and the service is regulated by PSD2, the Second Payment Service Directive, which the European Parliament initiated in 2015. Brite allows you to choose among several payment options from different banks through one single platform.
So, What’s In It For Me When Playing At An Online Casino?
Open banking services does mainly two things for you: they make your financial matters quicker and safer. Choosing Brite as your financial solution is also free for you as a customer, unlike payment services like Ewallets, which usually charge a transaction free.
You can also shop online, pay bills, and several other types of payments with Brite’s portal.
You don’t need to register an account since your bank manages everything. This also means that you don’t have to go through the excruciating KYC process to identify yourself with the bank before you can receive your money. For casino-friendly people, this means a tremendous improvement to the player experience. Instead of paperwork and frustration, we get real-time online transactions, which means instant deposits and withdrawals.
How Do I Make Deposits And Withdrawals With Brite?
Open bank transactions are super quick and super easy with Brite deposits and withdrawals. The only thing you need to do to withdraw your money is the following simple steps: Log into your casino account, go for the withdrawal section, and select Brite as your withdrawal method. When you have entered how much money you would like to withdraw, you select your bank. Log in with your bank credentials and confirm the transaction. And that’s it! The same goes for deposits, of course.
The downside to open bank services like Brite and Trustly is that to access banks API’s, they must obtain a PSD2 license from the financial authority of the country they want to operate in. As you may have figured out, it results in that it will take years to establish this kind of payment solution around the world. As of now, only a couple of banks have partnered up with Brite to offer their services.