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 SendTM, 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/
Vitesse is a fintech company that provides international payment services and treasury management solutions to insurance companies and corporates through a dual-regulated globally-distributed payment network. With a single integration, businesses gain access to domestic routing, leveraging lower payment costs and delivering payments seamlessly. For more information, visit https://vitessepsp.com/
About Mastercard Send™
Mastercard Send enables near real-time payments to billions of cards, globally. It’s an easy, fast and secure way to send a payment to any Mastercard card (credit, debit, prepaid or SME commercial) almost instantly and nearly everywhere in the world. For issuers that are faster funds enabled, funds will be made available to the recipient cardholders within a maximum of 30 minutes of approving the transaction.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.