Get an insider's look at Open Payments with our CPO Rasmus Brenter. In this interview, he offers a peek into how we operate, and why we are the go-to choice for enterprise systems seeking to enhance their financial services.‍

Rasmus, could you walk us through how Open Payments operates for someone who might be new to the concept? ‍

"For an enterprise system, Open Payments serve as a single source for all types of payments and financial data retrieval. Traditionally, enterprise systems would require multiple integrations with different banks and various service providers to make this happen. We simplify it all by consolidating all financial information into one accessible place, within any enterprise system using our services.

We serve as a comprehensive infrastructure for enterprise systems like ERPs, accounting, treasury, and cash management systems. But in general, any business in need of payment services can use us. While our initial focus has been the business-to-business (B2B) market, our services work just as well in a business-to-consumer (B2C) setting.

By using us, our clients’ end-users can easily manage payroll, make vendor payments (both domestic and international) while also having real-time access to their financial data – all inside the enterprise system."

What are the primary benefits we offer to our clients?  ‍

"The most significant advantage is the access we provide to diversified financial information, regardless of the underlying technology or source. This enables the creation of embedded services that dramatically enhance user experience and supports development of automated services and solutions.

By delivering all necessary data, including open banking and traditional file data, we remove the complexity of integrating multiple technologies and ensure that the enterprise systems remain future-proof and user-friendly.

Our approach not only ensures ease of integration and operation but also provides tangible benefits such as cost savings, efficiency gains, improved decision-making, and enhanced financial control. By using our platform, enterprise systems can unlock new growth opportunities and maintain a competitive edge in an ever-evolving market."

What sets us apart from other similar services in the market?

"We offer an all-in-one solution, where we integrate both open banking and traditional banking services, like ISO and Swift protocols, into one single API. This integration extends to premium banking APIs and cross-border payment services with key partners, enabling us to provide faster and more cost-effective options for our clients.

Our platform is well-documented and structured, enhancing services that extend beyond traditional open banking capabilities. Our API uses the NextGen open banking standard, ensuring compatibility and easy adoption for any enterprise system."

Could you share a success story from one of our clients?‍

"We work with several large and established players, but I find it particularly exciting to witness how our developing clients, previously unconnected to banks, are now creating fully automated services with embedded payment products that cater to all user needs, regardless of their end-users’ company size.

With a simple BankID verification, end-users can activate all services and start using the system within 30 seconds. This eliminates the lengthy onboarding processes typically required by banks or other institutions, as everything is managed directly within the enterprise system. It becomes a one-stop shop for financial needs.

These innovative clients now offer comprehensive services allowing their end-users to effortlessly manage accounts, oversee pending authorizations, and monitor foreign exchange rates—all within the enterprise system, without separate bank logins or the need to issue separate powers of attorney.

This integration transforms enterprise systems into the primary hub for financial information and activities, eliminating the need to rely on traditional internet banking as the most accessible option. It places enterprise systems in a uniquely advantageous position within the payments industry while also allowing end-users to choose their preferred banks based on specific service quality.

By enabling this choice, we are expanding the access to financial information and services, offering unprecedented control and flexibility in financial management. This approach is reshaping how end-users interact with the overall financial ecosystem, promoting a more user-driven selection of services."‍

How does Open Payments' focus on innovation help us grow and improve?‍

"Innovation is at the core of everything we do. It allows us to maintain a neutral stance in the information we transmit through our API, so we can offer the most attractive products in our integrations and foster true collaboration among all stakeholders - enterprise systems, banks, and other financial institutions.

This approach allows us to provide the best possible services to our clients and their end-users. Enterprise systems that integrate our platform are often more appreciated by end-users, who enjoy a broader and higher quality range of services, quicker onboarding processes, and an enhanced user experience.

We continually seek feedback from our clients and their end-users, as well as banks, to identify opportunities for improvement and innovation. A strategy that keeps our platform at the forefront of financial technology, delivering cutting-edge solutions that enhance our clients' operations and their end-users' experiences."

Are there any product updates on the horizon that you can share?‍

"Our initial focus has been establishing banking connections in the Nordics. However, I’m excited to announce that we will expand our presence in Europe this coming year.

And while details are still under wraps, I can say that we are exploring collaborations with other financial institutions to incorporate their services into our API. Something that would enable us to introduce new features, like financing services, card solutions, and additional account services.

We have an exciting journey ahead of us, and no matter where that journey takes us we will remain committed to our objective to offer the most relevant and comprehensive API for enterprise systems."