Launch of Pay by 24SevenOffice

24SevenOffice is pleased to announce the re-launch of the digital payment technology (previously called OptinPay) acquired from Optin Bank ASA. The digital payment solution has been named Pay by 24SevenOffice and is now in production. Since the acquisition of the technology 24SevenOffice has successfully managed to transfer the comprehensive technology platform, including taking over the hosting, re-negotiated necessary agreements and adapting the platform to the new situation.

The first version of the payment solution includes flexible payment options through SMS, with card payment, mobile payment through Vipps (Swedish Swish equivalent in Norway), and invoice payment. Deferred payment and credit account financing solutions are planned to be included in the next iteration of the solution, pending final negotiations with relevant financing partners. 

Pay by 24SevenOffice enables deferred payment towards our clients' end customers, payment solutions for our clients invoices and online check-out solution for 24SevenOffice webshop and eCommerce clients. The Pay by 24SevenOffice platform is very comprehensive and significant investments have been made by Optin Bank prior to 24SevenOffice´s acquisition of the technology. Optin Bank ASA had invested around 200 million NOK prior to the launch of their payment solution.

Pay by 24SevenOffice is now in production for the first live customers which is the existing portfolio of dentists in Norway through the cooperation with Opus Dental. The existing dentists payment solution were heavily impacted by the public administration of Optin Bank. There is not any significant revenue in connection with the first launch of the payment platform. Still we have worked hard and prioritized getting the service back in production for the affected dentists that would not receive payment otherwise. Revenue potential is also dependent on signing a financing partner for the credit products.

Going forward, the full client portfolio of 24SevenOffice and other partner systems tailored for different verticals and e-commerce/In-app check-out will be the main target group for further roll-out of Pay by 24SevenOffice.