FastPay, a financial technology platform, and Comcast’s FreeWheel have partnered to extend FastPay’s media payments platform to users of FreeWheel’s Strata platform.
The companies said this will provide the more than 1,100 agencies using the Strata platform with options to automate and streamline their media payment processes. FastPay allows media buyers to directly transfer funds to their media vendors digitally rather than relying on manual payment methods.
“Financial accountability and business continuity have always been critical for agencies and media sellers, but this is especially true in 2020 as many companies adapt to tighter budgets and new work styles,” said Mark McKee, chief revenue officer at FreeWheel, in a statement. “FreeWheel is always looking for new ways to connect buyers and sellers to automate and streamline their processes, and FastPay was a natural partner for us. Working together, we are helping the industry adopt more modern financial processes that offer not only increased efficiency, but also greater security and accessibility.”
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FreeWheel’s Strata platform was built so agencies and marketers can automate their campaign planning, activation, optimization and financial management. The new partnership with FastPay will allow Strata users manage all their accounts payable department functions remotely.
“Recent world events have exposed inefficiencies in current processes that can no longer be overlooked,” said FastPay CEO Jed Simon, in a statement. “And working remotely has reinforced for agencies the importance of business continuity. With one-third of media payments still being sent by check, it’s time that our industry fully adopt automation to safely and securely buy and sell media. Our partnership with FreeWheel lets us help agencies do just that.”
The FastPay media payments platform is now available to all Strata users.