Brite Payments launches UK Pay by Bank service after FCA authorization
The account-to-account payments company says its UK service connects merchants to more than 3,800 banks across 27 European markets through one API.
Brite Payments launched its Pay by Bank service in the United Kingdom after receiving authorization as an electronic-money institution from the Financial Conduct Authority, the company said October 17.
The service lets merchants accept account-to-account payments through a single API connection. Brite says the platform connects to more than 3,800 banks across 27 European markets, giving merchants a route to expand beyond card acceptance while keeping the checkout flow connected to a customer's bank account.
Pay by Bank can reduce a merchant's dependence on card rails and may offer faster settlement in some corridors, but the economics depend on bank connectivity, refund handling, fraud controls and the payment methods customers actually choose. An API connection does not make every bank, account type or market equally available.
The UK launch is a regulatory and geographic expansion, not a guarantee of universal coverage. Brite did not disclose UK transaction-volume forecasts or merchant-specific pricing with the announcement, and availability remains subject to the service's eligibility and supported-bank coverage.