OpenPayd selects NetSuite to achieve financial automation

OpenPayd is a financial technology company whose mission is ‘to open up banking and payments for business globally, through a modular platform’. To achieve their goal of helping businesses leverage the best payment and banking services, OpenPayd turned to BrightBridge to shape and create a comprehensive financial accounting solution.

Specialist support for ambitious automation

The ambition of David Bull, OpenPayd’s CFO, is to “absolutely minimise direct data entry into NetSuite”; BrightBridge is implementing a powerful cloud solution with additional specialist products to facilitate automation of much of OpenPayd’s finance function.

The solution: a structured approach to implementing a smart business architecture

• Oracle NetSuite OneWorld – the leading multi-company, multi-currency and regulatory financial platform in the cloud – employed as the robust foundation
• Additional group, financial structures and platform interfaces effortlessly added as the group and product offerings evolved
• Accounts Payable Processing automated and staff costs controlled using ReadSoft Online and Infinet Cloud Payroll
• Continual improvement and optimisation programme undertaken
• Current development phase includes integrations using Jitterbit

An agile platform for responsive business

NetSuite is the platform of choice for businesses with aspirations of seismic disruption and growth, and this international enterprise payments and banking firm now has the ability to be agile and flexible, crucial in the evolving FinTech industry. OpenPayd has grown rapidly and transformed from a single NetSuite company to having 37 global subsidiaries in just four 4 years and automation of its AP and payroll processes. The result is a small but highly efficient finance function and a platform for future growth.