September 16, 2019
Emergencies like car collisions or natural disasters come when people least expect them, leaving individuals unprepared to complete insurance forms, confirm claim estimates, and pay repair shop and medical expenses. During these times, quick access to funds is critical. Visa is committed to working with innovative companies in the insurance industry to help turn outdated and time-consuming processes associated with insurance claim payouts into near real-time1 access to payments when individuals, families and businesses need them the most.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190913005323/en/
Visa Direct powers real-time insurance payouts, providing people access to their funds when they need it most. (Graphic: Business Wire)
“Visa believes that money shouldn’t be a stressor in moments of crisis and waiting on average six to 10 days to access the money from insurance checks, is outdated, frustrating and costly to those in need,” said Bill Sheley, SVP and Global Head of Visa Direct, Visa. “Being such a globally trusted brand, Visa knows trust is the underpinning of the insurance industry. Visa, through Visa Direct and its innovative partners and clients, is uniquely positioned to help bring efficiencies to the payout process and provide a smoother experience for people when they need it the most.”
Visa is working to help enable real-time funds disbursements for insurance companies in partnership with their financial institutions, and their customers. By deploying insurance payouts powered by Visa Direct, Visa’s real-time push payments platform, PNC Bank and Erie Insurance customers can now choose to have an electronic claims payment delivered to their bank account in real-time. Visa is also working with InsurPAY by Invenger Technologies to help enable real-time funds disbursements for American Family.
Globally, payment services partners like SafeCharge with innovators like Setoo, and Peoples Payment Solutions with TELUS Health, are working together to use Visa Direct to make insurance payouts quickly and easily.
In the event of an auto accident, people may not be able to wait to receive checks from their insurance company as it could take days, even weeks, before funds become available. With Visa Direct, Visa clients and partners can enable insurance firms to quickly push disbursements directly to an individual’s or business’ bank account using their debit card for real time access.
“With consumers having a myriad of digital options to pay their friends, relatives or businesses, it only makes sense for PNC to work with our clients to deploy business-to-consumer payment solutions,” said Chris Ward, head of product management for PNC Treasury Management. “These can also replace a paper check and cash with secure and near real-time digital options like we offer within our ePayments platform in conjunction with Visa Direct.”
“Saving time, saving costs, saving efforts: today’s consumers are constantly looking for the best way to streamline operations and boost efficiency,” said Yuval Ziv, CCO at SafeCharge. “At SafeCharge we believe that innovation is a key foundation stone to growth and we are constantly evolving to offer our customers the latest solutions in digital payment services. We are excited to collaborate with Visa in this journey to improve the payment experience.”
“Delivering automated, instant compensation to today's consumers – especially at critical moments in their customer journey – is a must,” said Eyal Gluska, co-founder and co-CEO at Setoo. “This is why we constantly look for the best payment services available to integrate into our insurance-as-a-service platform. Leveraging Visa Direct, together with our valued partner SafeCharge, enables e-businesses offering ancillary insurance products, to deliver their consumers a hassle-free and worry-free experience.”
Visit Visa Direct to learn more about how Visa helps move money faster to those in need, when they need it the most.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device, for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.
1 Actual fund availability varies by financial institution and region. Visa requires fast-funds enabled issuers to make funds available to their recipient cardholders within a maximum of 30 minutes of approving the transaction. Please refer to your Visa representative and the Visa Direct Original Credit Transaction Global Implementation Guide for more information.