Everyone likes the idea of faster, streamlined payments, especially when dealing with an insurance-related mishap.
To that end, insurance-as-a-service companyÂ SetooÂ signed on with a new collaboration betweenÂ SafeChargeÂ and Visaâ€™s real-time push payments platformÂ Visa DirectÂ to help power speedier payouts, as detailed in aÂ July 11 press release.
Setoo is among the early innovators in the insurance industry adopting the faster payments technology. The transfer flow was created for ease of use as well as security. After payment instructions are sent by Setoo to SafeCharge, a single authorization will be sent to Visa. The issuer can post funds to the cardholderâ€™s account on receipt of authorization.
SafeCharge is focused on making payment innovation available as fast as possible for businesses to embrace fast commerce transformation.
â€œSaving time, saving costs, saving efforts: todayâ€™s consumers are constantly looking for the best way to streamline operations and boost efficiency,â€ SafeCharge CEO David Avgi said in the announcement. â€œWe are constantly evolving to offer our customers the latest solutions in digital payment services.â€
Visa Direct can be usedÂ for more efficient payments, including cross-border payments, insurance disbursements and contractor payments for gig economy jobs. The company rolled out aÂ pilot programÂ in April specifically designed for the gig economy.
â€œInsurance payouts represent a great use case for Visa Direct, providing more efficiency for insurers and a smoother experience for beneficiaries,â€ David Josephs, head of Visa Direct for Visa Europe, said in the same press release. â€œSetoo is one of the companies leading the way for these types of payouts.â€
Eyal Gluska, co-founder and co-CEO of Setoo, said real-time delivery is a must, whether itâ€™s for goods and services or disbursements and movement of money.
â€œWe are enabling our customers to deliver a new type of insurance experience, by removing the need for any claims process and providing real-timeÂ compensation,â€ Gluska said.