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Discover the power of instant A2A payments through Auctionet’s partnership with Brite Payments, connecting buyers and sellers globally.

Instant account-to-account (A2A) payments have been made possible thanks to a partnership between Auctionet and the Swedish fintech company Brite Payments. A digital auction platform called Auctionet was established in Sweden in 2011 and has facilitated the sale of over two million items on its online marketplace.

Auctionet connects vendors of art, furniture, design products, antiques, and collectibles with international purchasers through its network of more than 65 local auction houses, the most of which are located in Sweden with a rising presence in Europe.

In addition to improving its payment procedures, the partnership with Brite Payments enables Auctionet to accommodate consumers’ changing payment preferences, particularly the rising popularity of mobile bidding.

Brite Payments makes use of the open banking infrastructure in Europe to allow Auctionet to accept immediate A2A payments. With the introduction of its “Single Sign” function in 2022, users will be able to make direct bank account payments with just one authentication step.

Studies have shown that when compared to traditional A2A payment methods, our mobile-friendly solution speeds up payments by up to 40%. Additionally, Auctionet benefits from Brite’s automatic payment reconciliation system by having fewer manual administrative work.

A2A

The bidding

Due to factors like the shift to digital platforms during the pandemic and the growing financial clout of millennials, who make up a sizable share of auction buyers, online auction platforms have seen a rise in popularity in recent years.

The online auction market is expected to develop at a compound annual growth rate (CAGR) of 11.45% until 2027, with a projected market value of more than $11 billion.

Brite Payments’ founder and CEO, Lena Hackelöer, emphasized the advantages of fast bank transfers, such as their cost-effectiveness and lower risks when compared to card transfers.

Instant bank payments, in her words, “address some of the long-standing payment issues faced by online marketplaces while also providing Auctionet’s buyers with a seamless way to pay.” “In particular, the high and erratic costs connected with credit card purchases, as well as the possibility of chargebacks and fraud.

Additionally, we are in a good position to support Auctionet as it expands its reach in an increasing number of regions around Europe thanks to our constantly developing network of immediate payments coverage.

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