The insurance industry is changing: Visa is working on payouts in near real-time

Aurel Dragan 16/09/2019 | 13:28

Time-consuming processes in the insurance industry are about to be changed as major players are working on upgrading all procedures. Visa is working with companies like SafeCharge, Setoo and Telus Health in order to help turn outdated and time-consuming processes associated with insurance claim payouts into near real-time access to payments when individuals, families and businesses need them the most.

“Visa believes that money shouldn’t be a stressor in moments of crisis and waiting on average six to 10 days to access the money from insurance checks, is outdated, frustrating and costly to those in need,” said Bill Sheley, SVP and Global Head of Push Payments, Visa. “Being such a globally trusted brand, Visa knows trust is the underpinning of the insurance industry. Visa, through Visa Direct and its innovative partners and clients, is uniquely positioned to help bring efficiencies to the payout process and provide a smoother experience for people when they need it the most.”

In the event of an auto accident, people may not be able to wait to receive checks from their insurance company as it could take days, even weeks, before funds become available. With Visa Direct, Visa’s real-time push payments platform, Visa clients and partners can enable insurance firms to quickly push disbursements directly to an individual’s or business’ bank account using their debit card for real time access.

Visa is working to help enable real-time funds disbursements for insurance companies in partnership with their financial institutions, and their customers. By deploying Visa Direct-powered insurance payouts, PNC Bank and Erie Insurance’s customers can now choose to have an electronic claims payment delivered to their bank account in real-time. Visa is also working with InsurPAY by Invenger Technologies to help enable real-time funds disbursements for American Family.

Globally, payment services partners like SafeCharge with innovators like Setoo, and Peoples Payment Solutions with TELUS Health, are working together to use Visa Direct to make insurance payouts quickly and easily.

“With consumers having a myriad of digital options to pay their friends, relatives or businesses, it only makes sense for PNC to work with our clients to deploy business-to-consumer payment solutions,” said Chris Ward, head of product management for PNC Treasury Management. “These can also replace a paper check and cash with secure and near real-time digital options like we offer within our ePayments platform in conjunction with Visa Direct.”

“Saving time, saving costs, saving efforts: today’s consumers are constantly looking for the best way to streamline operations and boost efficiency,” said Yuval Ziv, CCO at SafeCharge. “At SafeCharge we believe that innovation is a key foundation stone to growth and we are constantly evolving to offer our customers the latest solutions in digital payment services. We are excited to collaborate with Visa in this journey to improve the payment experience.”

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