Based in Denmark, FarPay is a leading provider of Accounts Receivable Automation solutions that help businesses of all sizes automate their billing processes, reduce administrative costs, and improve customer satisfaction.
Recently, FarPay teamed up with Mastercard Open Banking to deliver better payment experiences for their clients and their clients’ customers by providing a more user-friendly payment method that does not require manual entry or sharing card details.
We sat down with the CEO of FarPay, Rasmus Overbeck Christensen, to talk about how the new open banking solution has impacted their offerings and made life easier for their clients.
Convenient ways of managing invoices and subscriptions
Before teaming up with Mastercard Open Banking, FarPay’s clients had to track and reconcile bank payments manually, which ultimately meant extra work for them.
“This was a major pain point for us, as we always aim to offer our clients and their customers the most efficient and convenient way of managing their invoices and subscriptions”, says Rasmus Overbeck Christensen.
With Mastercard Open Banking, FarPay can offer their clients a way to fully support account-to-account payments. In that way, their clients’ end-customers can pay their invoices directly from their bank accounts, without the need for manual processes or a third-party provider. This payment method is faster, cheaper, safer, and more transparent than traditional methods.
A partnership based on innovation, security, and reliability
“We chose Mastercard as our open banking provider because of their unparalleled reputation for innovation, security, and reliability in the financial industry. Mastercard Open Banking offers a comprehensive suite of tools that align perfectly with FarPay’s commitment to delivering seamless and secure payment solutions,” Rasmus explains.
Mastercard Open Banking provides FarPay with a single connection point to multiple banks across Europe, ensuring compliance, security, and reliability for all parties involved. This simplifies the integration process and reduces the operational costs and risks for FarPay and their clients.
“Mastercard’s cutting-edge technology and focus on compliance ensure that we stay ahead of regulatory requirements and industry standards. We were particularly impressed with Mastercard’s focus on developer-friendly APIs and detailed documentation, which made the integration process smooth and efficient. This allowed us to quickly leverage their platform to enhance our service offerings and deliver greater value to our clients,” Rasmus adds.
A common vision to provide the best payment experiences
“Our partnership with Mastercard has been incredibly positive and collaborative. From the outset, their team has been highly supportive, providing us with the necessary resources and expertise to seamlessly integrate their open banking services into our platform,” Rasmus says.
The ongoing communication and collaboration between the teams have been a key factor in the success of the partnership. Mastercard’s commitment to understanding FarPay’s specific business needs and their proactive approach to addressing any challenges has helped FarPay to continually enhance their offerings.
FarPay and Mastercard share a common vision of providing the best payment experiences possible for their clients and their clients’ customers.
“We look forward to continuing our partnership with Mastercard and leveraging their open banking solutions to offer seamless and secure payment solutions,” Rasmus concludes.
If you want to know more about how you can build simple, smart and trusted bill payment experiences, reach out to one of our open banking experts or see how Visma Dinero took the hassle out of invoicing with open banking.
