Join us as we delve into the world of payroll management with our colleague Bastiaan Weide, Growth & Partnership. In this interview, Bastiaan shares insights into the challenges businesses face with payroll and how innovative solutions can streamline operations and optimize payroll processes.  

What are the current payroll industry trends? 

"The payroll industry is experiencing a shift towards increased automation and faster payouts. There is also a growing emphasis on data security and compliance due to increasing regulatory requirements. Open Payments is at the forefront of these trends, where we are continuously enhancing our automation capabilities and ensuring robust security measures. We are also expanding our integration options to provide our clients with a more comprehensive and seamless payroll experience." 

How does Open Payments improve the payroll industry? 

“Even today, many payroll systems and companies rely on the manual process of downloading an ISO file and uploading it to the bank, where an authorized individual must sign off on the payments. This method is extremely time-consuming and outdated for handling all types of payments, including salary payouts. Additionally, issuing and handling separate powers of attorney further complicates the process. By integrating ourAPI, systems can automatically send files to the bank, eliminating the need for manual downloads and uploads as well as powers of attorney.”

Can salary payouts be made without using ISO files? 

“Yes, they can. Our API also supports salary payments through Open Banking, using banks’ PSD2 or premium APIs. This offers several benefits, including the ability for businesses to send out salaries the day before the payment date, reducing the number of days needed to prepare for salary payouts, as is typically required with ISO file payments. Also, the authentication and signing process for salary payouts can be completed entirely within the payroll system, removing the need to log in to the bank or perform any manual tasks. This approach not only streamlines the process but also significantly reduces costs.” 

Are both solutions supported for all the banks in the Nordics? 

"Yes, we support both the automatic salary ISO file payout and the Open Banking salary payout.”   

What sets our solution apart from other similar services? 

"Our all-in-one solution combines both traditional payroll management with advanced features such as real-time data access and Open Banking integrations. We provide a holistic view of financial and payroll data, which not only simplifies payroll processing but also offers deeper insights into a company’s financial health. Additionally, our platform is designed with scalability in mind, making it suitable for businesses of all sizes." 

How does our solution contribute to business growth for our clients? 

"It automates many of the time-consuming tasks associated with payroll management, freeing up resources that can be redirected towards strategic initiatives. This improves operational efficiency and contribute to overall business growth by enabling better financial management and decision-making. By ensuring compliance and reducing errors, we also help businesses avoid costly penalties and improve customer satisfaction." 

How quick and easy is the integration process? 

“We currently support several major payroll management systems across the Nordic region, using our infrastructure for salary payouts via both ISO files and Open Banking. The integration process with our system typically takes between 1-3 weeks, depending on the customer's specific needs. Our API also integrates easily with enterprise systems, allowing for example ERP systems to incorporate salary payouts as seamlessly as supplier invoice payments. No major infrastructure changes are needed, and the straightforward integration minimizes downtime and disruption. Therefore, embracing the available digital and automated payroll solutions is highly beneficial.”