By leveraging near real-time payments to debit and credit cards, insurers can now provide a flexible, seamless and secure claims payment service for their customers.
Vitesse announces it is working with Mastercard as a network provider for its Pay-to-Card solution, allowing insurers to pay claims directly to debit and credit cards – in a matter of minutes.
Vitesse will utilise Mastercard Send, an industry-leading solution that provides businesses and their customers with fast, simple and secure ways to send and receive money in real-time, both domestic and internationally. This will allow insurers using the Pay-to-Card solution to pay claims directly to their customers’ debit and credit cards seamlessly and securely within half an hour.
Vitesse is contracted with over 60% of the London insurance market and is a provider of international payments and treasury management solutions for its extensive clientele, supporting in-country payments to over 170 countries and territories, supporting 109 currencies around the world.
Phillip McGriskin, CEO of Vitesse said: “Payment businesses were focused on collecting money. Now the internet is used for everything, including the payment of insurance claims and with the rise of neo-insurers, people expect the immediacy of it. They do not want to wait days or weeks for a payment to be processed but want an instantaneous transfer, and that is where we can help.”
Faced with a situation where they need their money most, customers no longer accept slow, long claims processing times – instead, they expect fast, if not immediate receipt of funds.
“We’re committed to helping our clients provide the very best customer service possible and Mastercard Send can truly help here,” Phil added. “The events of the past 18 months have evolved customer expectations and accelerated the transition into a fully digital customer experience. The Vitesse Pay-to-Card solution goes beyond the competitive advantage and into exceptional customer service when they need it most.”
Suren Nawalkar, Senior Vice President, Consumer Applications at Mastercard said: “Mastercard Send provides consumers and businesses – such as insurers – with fast, simple and secure ways to send and receive money domestically and internationally. We’re excited to partner with Vitesse on its Pay-to-Card solution and bring insurance payouts in line with modern, real-time payments that people have come to expect.
“Through this partnership, insurance customers will benefit from a far simpler and faster claims process, whilst insurers will be able to offer a better customer experience, helping improve customer retention.”
Mastercard Send is part of the application layer within Mastercard’s multi-rail proposition. It enables people and organisations to send and receive money how, where and when they choose, across both card and real-time payments rails.
The Vitesse Pay-to-Card solution leverages a wide range of connections into Visa Direct, Mastercard Send, Discover and many more, allowing insurers to provide a truly digital experience and build a stronger and longer relationship with their customers. To learn more about the Vitesse Pay-to-Card solution, visit https://vitessepsp.com/insurance/