Today, FastPay, a financial technology platform, and FreeWheel, a Comcast Company (Nasdaq: CMCSA), announced a partnership that would extend FastPay’s media payments platform to users of FreeWheel’s Strata platform. This partnership provides the 1100+ agencies using the Strata platform with options to automate and streamline their media payment processes.
The FastPay solution provides media buyers on the Strata platform with the ability to directly transfer funds to their media vendors digitally, rather than relying on manual payment methods, which can be time consuming and mistake-prone.
“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, FreeWheel. “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.”
For over 20 years, FreeWheel’s Strata platform has helped agencies and marketers automate their campaign planning, activation, optimization, and financial management all in one system. This new partnership with FastPay helps Strata users manage all their Accounts Payable department functions remotely, streamlining the supplier invoice payment process.
“Recent world events have exposed inefficiencies in current processes that can no longer be overlooked,” said FastPay CEO Jed Simon. “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.
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FreeWheel, A Comcast Company, empowers all segments of The New TV Ecosystem. We are structured to provide the full breadth of solutions the advertising industry needs to achieve their goals. We provide the technology, data enablement, and convergent marketplaces required to ensure buyers and sellers can transact across all screens, across all data types, and all sales channels, in order to ensure the ultimate goal – results for marketers.
With offices in New York, San Francisco, Chicago, London, Paris, Beijing, and across the globe, FreeWheel, A Comcast Company, stands to advocate for the entire industry through the FreeWheel Council for Premium Video. For more information, please visit freewheel.com, and follow us on Twitter and LinkedIn.
FastPay is a financial technology platform that unlocks capital and automates media payments across the entire media landscape. FastPay works with both agencies and media suppliers to facilitate both capital advances and AP department automation, helping companies digitize a traditionally outdated process. Since its inception in 2009, FastPay has secured the movement of more than $9B across capital and payments. Headquartered in Los Angeles, FastPay has offices in New York and Framingham, MA.