Fisapay Bets on Payments to Third Parties

In order to help companies in Colombia to make payments to independent workers and suppliers, the Colombian fintech company Fisapay, founded in 2017, presented a new platform that allows organizations to save time and fulfill their transactions.

According to the company, among the characteristics that make up this tool, the calculations and contributions to the social security system of the self-employed and the tax withholdings of the suppliers stand out, which guarantees compliance with the requirements of the authorities, both for payment to third parties and for companies. In addition, the platform seeks to comply with 100% effectiveness when making transactions. Jorge Isaza, CEO of Fisapay, explained that this solution has been growing and that they expect a positive balance at the end of the year.

Read more about Fisapay and find the latest financial news from around the world with the born2Invest mobile app.

The company is processing an average of 50,000 payments weekly

“We have an availability indicator of 99.99%, which means that, during our operation, we have not had any outages. We take great care that our users can have a constant service in which they can have confidence and security regarding their payments and contributions up to date,” said the executive.

Regarding the balance at the end of the year, they explained that “it shows a growth in our third-party community of 261%, a growth in payment transactions of 151%, implementation of new regulations regarding support documents and massive event management.”

In addition, the executive pointed out that more than 40 companies in the country from the automotive, insurance, financial and retail sectors have begun to request their services.

“Some of the companies that are part of this group are Davivienda, Allianz Seguros, Renting Colombia, Toyota Financial Services, Porsche Colombia, Banco Pichincha, Finanzauto, Finesa, Sodexo, among others. The Fisapay platform is constantly growing, not only due to the regulatory compliance that companies obtain but also due to the reduction in operation.”

The company is processing an average of 50,000 payments weekly, reaching more than 200,000 transactions month by month, and is in the process of ISO 27001 certification in Information Security.

“For the coming months, a new interface of our platform will be launched into production that will improve the experience of our customers and payment beneficiaries, through our own developments and technological tools focused on the automation and validation of identity immediately.”

In view of the time savings that companies can have, Isaza commented that now companies are increasingly aware of the responsibilities they have with their third parties and of the “importance of the formalization of their independents.”

“ Without a doubt, organizations that use the Fisapay digital platform save between 90% and 95% of the time when paying their independent workers and suppliers,” commented the CEO of the Colombian fintech company

Finally, the executive commented that the company hopes to continue growing its customer base while seeking to implement more innovations to help companies in their processes.

__

(Featured image by AhmadArdity via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in Portafolio, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.