Bridging B2B Digital Transactions: Brighty App Launches EU Payment Platform Amidst $2.1 Trillion Market Growth Forecast
Brighty Business, launching in November 2023, focuses on digital banking and cryptocurrency, streamlining transactions. With cost-effective exchanges and unique features like company-owned debit cards, it aims to revolutionize global business.
The global market for business-to-business (B2B) payments is experiencing a robust expansion, with its valuation presently estimated at approximately $1.68 trillion. The digital payments segment of this market witnessed a transaction value of $5.44 trillion in 2020, underscoring the rapid adoption and dependency on digital payment platforms in the B2B sector.
By 2030, the B2B payments market is estimated to grow to a value of over $2.1 trillion, reflecting a Compound Annual Growth Rate (CAGR) of 10.7%. To further facilitate this advancement, the EU has established flexible regulations for B2B payment providers and has set up proactive measures like late B2B payment fees to protect small businesses.
Seamless, efficient, and cost-effective transactions are crucial for business agility. Yet, high fees, delayed processing, and cross-border payments often hinder the smooth flow of business operations. To address these challenges, Brighty App is launching its European B2B platform Brighty Business in November 2023. Focused on digital banking and cryptocurrency payments, the platform was designed to streamline how businesses manage their financial operations and support the market’s ongoing evolution.
Brighty Business Payment Platform: Meeting Business Needs
Brighty Business offering is tailored to meet the nuanced needs of businesses, with regard to operations and transactions involving digital assets are becoming the major and fully compliant tool to speed up and simplify business transactions today. However, the traditional financial players are slow to adopt new practices and provide an adequate level of service, or in many cases any service at all. Companies struggle with the speed of onboarding and support for their financial operations when their digital assets cash flow is involved — conducting payments is an unjustifiable headache. It’s a case when regulatory conditions are ahead of the openness of the financial market.
Brighty Business is the solution to addressing those challenges. Robust onboarding, payments and payout operations that involve both digital assets and fiat, supported by transactional risk-checking. Brighty Business also offers cost-effective exchange, including OTC (over-the-counter) exchange, both from digital assets to fiat and back. Brighty Business also has a Payment Platform, a convenient way for companies to manage their accounts and payments.
The platform has a proven presence in the market, serving thousands of B2C customers and achieving millions in monthly turnover in both the B2C and B2B sectors within the European market. It bears the flexibility to accommodate clients and customers from other countries on an individual basis, demonstrating a global vision and a customer-centric approach. Brighty Business helps its partners to save on remittance fees and benefit from instant spending. Brightly Business offers a unique referral program for all B2B customers, providing the lowest fees and exchange rates.
One of the distinctive features of this B2B platform is the provision of virtual and physical company-owned debit cards that can be utilized by employees. This feature is especially beneficial for companies with a diverse geographical footprint. For example, an employee located in a different region may require a card to pay for business expenses. Company-owned cards simplify this process, ensuring that employees have the necessary resources to carry out their duties efficiently — from wherever they are — while allowing businesses to maintain centralized control over expenditures.
Brighty Business also provides an opportunity to implement its API system into clients’ platforms.
“Our new B2B platform is a stride towards modernizing business transactions, making them more seamless and user-centric,” said Brightly App’s Co-Founder and CTO Nikolay Denisenko, who has a wealth of experience in the sector having worked on Revolut’s B2B platform launch. “It’s a step towards a more efficient and transparent B2B payment landscape. This is also a very inclusive solution. Whether a business deals in crypto, fiat, or both, our platform can seamlessly facilitate all transactions.”
The Pilot Phase and Future Outlook
Brighty App’s B2B platform has already seen engagement from different companies in its pilot testing phase. These early tests have gained positive feedback, providing a tangible proof of concept and demonstrating the platform’s capability and readiness for wider market deployment.
The company also plans a series of UX interviews with customers. The objective of these interviews is to gain a deeper understanding of how customers are interacting with the app, pinpoint areas for potential improvement, and create an educational segment within the B2B platform. These improvements will provide clear and valuable information and simplify the learning curve associated with the platform’s utilization. Brighty App is inviting interested customers to explore the service, participate in UX interviews, and share their thoughts to contribute to the continuous improvement of the platform.
With more businesses now looking to provide cross-border services and establish global partnerships, Brighty App’s solution is poised to catalyze this transformation, offering businesses a streamlined, efficient, and adaptable solution for their transactional needs. As the global business landscape evolves, Brighty App’s B2B solution appears well-suited to facilitate this transition.