Everyone likes the idea of faster, streamlined payments, especially when dealing with an insurance-related mishap.
To that end, insurance-as-a-service company Setoo signed on with a new collaboration between SafeCharge and Visa’s real-time push payments platform Visa Direct to help power speedier payouts, as detailed in a 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 cardholder’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.
“Saving time, saving costs, saving efforts: today’s consumers are constantly looking for the best way to streamline operations and boost efficiency,” SafeCharge CEO David Avgi said in the announcement. “We are constantly evolving to offer our customers the latest solutions in digital payment services.”
Visa Direct can be used for more efficient payments, including cross-border payments, insurance disbursements and contractor payments for gig economy jobs. The company rolled out a pilot program in April specifically designed for the gig economy.
“Insurance payouts represent a great use case for Visa Direct, providing more efficiency for insurers and a smoother experience for beneficiaries,” David Josephs, head of Visa Direct for Visa Europe, said in the same press release. “Setoo is one of the companies leading the way for these types of payouts.”
Eyal Gluska, co-founder and co-CEO of Setoo, said real-time delivery is a must, whether it’s for goods and services or disbursements and movement of money.
“We are enabling our customers to deliver a new type of insurance experience, by removing the need for any claims process and providing real-time compensation,” Gluska said.