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5 Minutes with Phillip McGriskin

Vitesse in conversation with Phillip McGriskin

Phil has over 20 years’ experience in electronic payments, technology and investing. Holding positions as the founding CEO of Envoy Services to Chief Product and Marketing Officer at Worldpay and Managing Director of Worldpay Futures, Phil is now the CEO of VitessePSP Ltd, a payment business he has co-founded. He is also an angel investor in businesses such as Transferwise, SuperAwesome, and Yoti and sits on the board in both advisory and executive roles of some of his portfolio businesses. With his impressive background, Phil is an experienced business professional and a successful entrepreneur and gives us in “5 min with Phillip McGriskin” a clear insight to Vitesse’s importance in the insurance industry and insurance payouts.

Q: How long has Vitesse been working with the insurance industry?

PM: Vitesse has been working with and alongside a number of MA’s, Brokers, TPA’s and the LMA for over 3 years, listening hard to what’s needed now and in the future and building not only the right solution for the industry’s funds flow and payment challenges but more importantly a transparent and trusting relationship. It’s far, far deeper than just competitive transactional pricing and our multiple touch point’s across the industry as a whole that makes us ideally placed to continue building our truly unique solution.

It is a huge privilege to be working with such a prestigious industry with its rich history and we’re very excited about the changes that the market is going through and look forward to accompanying it on the journey.

Q: Why is Vitesse such a good fit for insurance and how are you different from your peers?

PM: The Vitesse domestic payments network is key to our Insurance offering and is made up of a global net of connected local clearing systems and tier 1 in country banking relationships. This enables Vitesse to avoid all the challenges that across borders payments creates, thus the claimant receives the full value of their claim every time with transparent and consistent pricing and FX.

Speed of delivery is rightly a key focus of the London market at the moment and our domestic rails enable real-time settlement in multiple markets. Vitesse has always had the most efficient delivery method saving, in some cases, a week on fund delivery time. Moreover, in the case of settlement issues, our direct bank relationships enable expedient resolution of any issues.

The Vitesse Treasury hub enables all our customers to have a single, simple, real-time view of their global liquidity positions. Our ability to provide, amongst other things segregated accesses and read only views of these positions enable all interested parties in the insurance chain absolute visibility of where their funds are, making the Loss Fund Reconciliation headaches a thing of the past.

More fundamentally though, it is Vitesse’s agile nature and can-do attitude that really stands us out from our peers when building specific solutions to the challenges that the industry faces.

Q: What have been the biggest challenges facing Vitesse when supporting insurance funds flow and payouts?

PM: I think that prioritising where to focus first has been a key decision on our roadmap. We didn’t want to come to the market with an offering that wasn’t a perfect fit, therefore, ensuring that we had all the critical success factors covered in the right order was paramount in our delivery.

Q: How is Vitesse progressing with the Lloyd’s London market?

PM: In two words, very well. The work the market and we have put into defining and building the solution makes it a great fit and the clear strategic choice. Our customers are gaining a competitive advantage every day and we’re keen to make this available to all. According to the latest press release from the LMA Vitesse is now contracted or contracting with 70% of the London market and growing.

Q: Finally, how do you see the Vitesse treasury hub developing?

PM: There’s a huge amount we’re building and releasing over the next 6 months from immediate “in the field” claimant emergency support payments, strategic improvements on general funds flow timing around the market and driving forward our settlements network. The Vitesse treasury hub will never stop developing and we will always be working hard with the market to deliver whatever is needed to continue this hugely successful journey.

If you would like to understand how Vitesse can benefit your payment flow please fill out the form below and one of our team will get in contact with you.

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