Business Wire

Insurance Leaders and Visa Digitize Claims Payouts for Individuals and Businesses When They Need It Most

Share

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 Visa is committed to working with innovative companies in the insurance industry to help turn outdated and time-consuming processes associated with insurance claim payouts into near real-time1 access to payments when individuals, families and businesses need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 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be a stressor in moments of crisis and waiting on average six to 10 days to access the money from insurance checks, is outdated, frustrating and costly to those in need,” said Bill Sheley, SVP and Global Head of Visa Direct, Visa.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.

Partner Quotes:

“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.

Contact information

Caylah Novak, Visa Inc.
cnovak@visa.com

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Tigo’s Newest MLPE Addition – TS4-A-2F the Most Cost-Effective Rapid Shutdown Solution – Announced at Solar Power International 201923.9.2019 18:36:00 EESTPress release

Tigo®, pioneer of the smart modular Flex MLPE & TS4 Platform, today announced its new TS4-A-2F (Fire Safety), the advanced retrofit/add-on rapid shutdown solution for two modules that provides smart PV module functionality. The TS4-A-2F is the newest, most partner adopted, and most cost-effective addition to Tigo’s advanced generation of flexible module-level power electronics in the TS4 Platform. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190923005637/en/ TS4-A-2F (Fire Safety) is the TS4 Platform’s newest advanced rapid shutdown solution for two modules up to 1000W and standard configuration of 1500V (Photo: Business Wire) The UL-certified TS4-A-2F complies with NEC 2017 690.12 Rapid Shutdown specifications when installed with Tigo’s UL-certified RSS Transmitter or an inverter with Tigo's built-in RSS Transmitter. The unit’s powerline communication can be easily verified with Tigo’s RSS Signal Detector. System owners c

New Generation in Cryptocurrency Mining by BitHarp23.9.2019 17:45:00 EESTPress release

Lyre Miner and Harp Miner, two recently released cryptocurrency mining rigs from www.BitHarp.com ( BitHarp Group Limited ), are quickly turning out to be gamechangers in the global crypto market. Within their short lifespan, these two products have shown promises of revolutionizing this thriving industry by offering superfast ROI for seasoned miners as well as beginners looking to try their hand at crypto mining. The ability of Lyre Miner and Harp Miner to generate quick return on investment can be attributed to the high hash rates of the products. The term hash rate may be referred to as the speed at which a given mining machine operates. A higher hash rate increases the opportunity of a miner to find the next block and receive the reward. Making things even better for the miners, Lyre Miner and Harp Miner have significantly low energy consumptions of 600W and 2400 W respectively. The hash rate powers offered by Lyre Miner and Harp Miner are mentioned below at a glance. Lyre Miner: 33

Jabil Photonics to Demonstrate Coherent SiP based 100G/200G CFP2-DCO Product at ECOC 201923.9.2019 15:48:00 EESTPress release

Jabil (NYSE: JBL) today announced that its Photonics business unit, a leading provider of customized end-to-end design, manufacturing and test solutions for optical communication products, will be demonstrating its coherent 100G/200G CFP2-DCO module this week at the ECOC Exhibition (Hall 4, Booth 498) in Dublin, Ireland. Jabil’s CFP2-DCO is a hot-pluggable module designed to support single-wavelength data coherent transmission at 100Gbps using DP-QPSK and 200Gbps using DP-16QAM modulations. The CFP2-DCO is designed for DWDM networks ranging from metro and data-center interconnect (DCI) to long-haul applications, as well as 100Gbps point-to-point (P2P) coherent solutions for unamplified links in 5G and cable access networks up to 80km. Powered by Elenion Technologies’ next generation Silicon Photonics (SiP) coherent engine, the Jabil Photonics CFP2-DCO sets a new standard for price-performance. The module incorporates an ultra-narrow linewidth external cavity micro-ITLA laser with gridl

CE China 2019: Suning Launches New Biu Products23.9.2019 15:43:00 EESTPress release

Premiere at CE China: The Chinese retail giant Suning, strategic partner of CE China, has seized the opportunity to present eight new products of its Biu product line for smart home appliances at the CE China in Guangzhou. On this occasion, fans of Biu were invited to the first ever Biu fan festival to attend the launch. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190923005490/en/ Suning Launches New Biu Products at CE China 2019 (Graphic: Business Wire) Behind closed curtains, selected Biu-fans were the first to learn about the premieres of intelligent smart home products at the booth of Suning on the trade show. Among others, Suning presented the new Biu air conditioner as a “pro version”, the "Little Dolphin" electric water heater and the "Little Seashells" gas water heater. Suning representatives also showed, how the different devices connect with each other. According to Suning, Biu will continue to focus on smart pr

FLIR Introduces M300 Series Marine Cameras23.9.2019 15:00:00 EESTPress release

FLIR Systems (NASDAQ: FLIR) today announced the FLIR M300 Series, a new generation of maritime thermal cameras delivering advanced awareness-enhancing technologies, safer navigation, and seamless integration with onboard boat systems. FLIR M300 Series cameras are designed for the most demanding professional mariners and first responders who operate in the harshest marine environments. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190923005214/en/ FLIR M300 Series thermal imaging cameras for professional mariners and first responders provide safer navigation and increased situational awareness (Photo: Business Wire) The successor to FLIR’s industry-leading M-Series of maritime cameras, the next generation M300 Series consists of five models featuring rugged and robust new pan and tilt housings – four models with the FLIR Boson™ resolution thermal camera cores, plus a visible-only, high-definition (HD) model. The series is hi

Mary Kay, in Collaboration With UN Agencies, Launches Women’s Entrepreneurship Accelerator23.9.2019 15:00:00 EESTPress release

Today, Mary Kay Inc., a leading advocate of women’s empowerment and entrepreneurship, announced the Women’s Entrepreneurship Accelerator, a multi-partner initiative designed to inspire, educate, and empower women entrepreneurs around the world. With no qualifying barriers to participate, the ground-breaking initiative is a strategic collaboration developed in consultation with six United Nations agencies: UN Women, United Nations Office for Partnerships (UNOP), International Labour Organization (ILO), International Trade Centre (ITC), UN Global Compact (UNGC), and the United Nations Development Programme (UNDP). The Accelerator will offer a guided digital curriculum supplemented by on-the-ground training and mentorship. In addition, it will serve as an advocacy platform to eliminate entrepreneurial roadblocks for women, ranging from digital literacy to legal reform—enabling women to fully participate in the growth of their local and national economies. The Accelerator will support glob

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom