The fintech companies Ping Payments and Open Payments are now launching their first joint customer solution, based on the companies’ technology platforms. The customer is the association system – laget.se.
“Since April, our member associations have collected close to 4 million SEK via the swish collection tool in laget.se. We are now adding an additional source of income for the associations, by launching a tool for monthly donations and payments.
The fact that it generates recurring and constantly growing income will make a big difference to the associations that get started. Thanks to Ping Payments and Open Payments’ underlying technology, it is now very easy for our members and other supporters to add and start use this service” says Per Stenmar, CTO at laget.se.
The service for monthly donations and payments is a unique packaging of account information services and payment methods that effectively reduces the need for complex KYC processes. The customer is up and running and can start receiving payments within a working day, where AML and ongoing monitoring also is highly automated.
“The opportunities in open banking are fantastic in itself, but the establishment and acceptance of new technology takes time. By combining open banking with traditional payment methods and giro systems, we can already today offer great hybrid solutions that take existing payment services into the future” says Petter Sehlin, founder and CEO of Ping Payments.
A vital component of the development of the new service has been Open Payments’ aggregation solution for account information, which means that payment service providers such as Ping Payments can connect to all the major Swedish banks via one interface.
“We are very happy about this collaboration where Open Payments together with Ping Payments enables laget.se to offer its members a simplified payment flow, and with just a few clicks can connect their bank account for direct debit. This is just one of many products we offer in open banking, so it is very exciting to see how the market start taking advantage of this digital future” says Louise Brandt, CEO and co-founder of Open Payments.
Open Payments Europe is a Swedish venture capital funded fintech company that, through its unique platform for developers and third-party providers, offers a cutting edge “Platform as a Service” (PaaS) infrastructure that is required for open banking to become a reality. Founded in 2017, and with offices in Stockholm, Open Payments aim to become the hub of the new ecosystem for open banking.
For more information visit: https://openpayments.io
Ping Payments was founded in 2017 and is an innovative Nordic Payments platform.
The company enables service providers and marketplaces to customise payment solutions based on business logic, not technology choices.
For more information visit: https://www.pingpayments.com/