Every year entrepreneurs spend large sums of money on the banks handling their payments. Now a system is being launched that manages the transfers directly from the companies' business and payroll systems at as much as halved costs.
The Norwegian company ZTL is behind the solution.
- We will launch our payment solution on the Scandinavian market at the fair Ekonomi & Företag in Kista north of Stockholm on 25-26 September. I am convinced that it will receive great interest, as the reception in Norway has already been very positive, says ZTL CEO Andreas Bjerke.
Less for the banks – more for the entrepreneurs
ZTL is a challenger to the banks' dominance in business payments, or transactional services as they are often called. There is big money to be made here, as transactional services are one of the most profitable core products in all of banking. With ZTL's solutions, the companies' contribution to the banks' large transaction revenues will be considerably smaller.
- We integrate our Open Banking APIs (https://www.ztlpay.io/) into business systems for accounting, invoicing, payroll and payment routines. In this way, we make it possible for the developers of business systems to create new business models for payment services. Our solution makes open banking really work. It is important for the companies' rapidly growing payment streams, says Andreas Bjerke.
Launch in Sweden and Denmark
ZTL is a Norwegian cloud-based SaaS hybrid company in an early expansion phase. The team behind the company has many years of experience in banking, SaaS and secure payments. The company is now establishing itself both in Sweden and in Denmark.
- Our goal is to become a leading payment platform for companies of all sizes. However, since the smaller companies are undeniably most common, we have a strong focus on developers of business systems used by small and medium-sized companies, says Andreas Bjerke.
Fee-free international payments
ZTL's investment in the Nordic markets also includes ZTL Direct, which is a unique service for international payments.
The service is based on an online self-service platform (https://www.ztlpay.io/direct), where the user can make foreign payments with total transparency and with exchange rates in real time. The service does not require pre-financing, has no hidden fees and comply with the same strict financial regulations as the banks.
- It has been difficult for the entrepreneurs to see what they spend on their cross-border transactions as they not only pay a transaction fee but also a substantial mark-up on the foreign exchange rate. We charge zero transaction fees and up to half of what the banks take in mark-up. There are large sums to be made here for the companies, says Andreas Bjerke.