Brite Payments, a leader in instant bank payments and one of Sweden’s fastest-growing fintechs, announced that it has partnered with Auctionet to provide its users with seamless, instant account-to-account (A2A) payments.
Founded in Sweden in 2011, Auctionet has grown to become a leading digital auction platform, with more than two million items sold through its digital marketplace. More than 65 local auction houses – primarily Swedish but with a growing number of auction houses throughout Europe – use Auctionet’s platform to reach global buyers bidding for art, furniture, design items, antiques, and collectibles. Through its cooperation with Brite, Auctionet can respond to evolving customer expectations around payments and the growing popularity of mobile bidding, while addressing its own need for more efficient payment processes.
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Brite Instant Payments enables instant A2A payments for Auctionet through Europe’s open banking infrastructure. In 2022, Brite introduced ‘Single Sign’, which allows users to pay straight from their bank account with only one authentication step. The mobile-friendly solution has been shown to help users pay up to 40 percent faster than standard A2A payment flows. Auctionet also benefits from automatic payments reconciliation provided by Brite, which reduces manual back-office processes.
“Making sure that our marketplace is efficient, safe, and streamlined is critical to delivering first-class customer experience. We work hard to guarantee quality items, as well as a secure and transparent buying process,” said Niklas Söderholm, Founder & CEO, Auctionet. “With Brite Instant Payments we can extend this customer experience focus to the payment process, with a fast, secure, and convenient way for buyers to complete their purchases following a successful bid.”
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Online auction platforms have surged in popularity over the past few years. The transition to digital platforms during the pandemic has been one driver, but the growing spending power of millennials is also a major factor. Now primarily aged 30-40, millennials make up a growing proportion of auction buyers and are comfortable with the digital platforms offered by the likes of Auctionet. With the ability to bring local auction houses to global buyers, the online auction marketplace is projected to grow at 11.45% CAGR through until 2027, reaching more than USD $11 billion.
“We believe that instant bank payments not only give Auctionet’s buyers a seamless way to pay, but also address some of the long-standing payment problems faced by online marketplaces. In particular, the high and unpredictable fees associated with card payments, and the risk of chargebacks and fraud,” said Lena Hackelöer, Founder & CEO, Brite Payments. “Plus, with our ever-expanding network of instant payments coverage, we are well positioned to support Auctionet as it extends its reach in a growing number of markets across Europe.”
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