According to the VPS and global director of Visa Direct at Visa, Bill Sheley, “Visa thinks that money should not be a stress factor in times of crises, and that waiting for an average of six to ten days to collect the amount of the insurance checks is a different age, more to be frustrating and expensive for those who need it. As a trusted brand around the world, Visa knows how much trust is an underlying element of the insurance industry. Visa, through Visa Direct and its innovative partners and customers, is uniquely positioned to improve the efficiency of payment processes and provide people with a smoother experience when they need it most.”
Visa, a globally known leader in the industry of digital payments seeks to provide customers with a faster and easier access to funds. In instances where there is no time to waiting for various insurance clearances for the funds to be made accessible such as in emergencies, natural disasters or even accidents, most customers and partners need a mode from where they can have real- time access to their funds using a debit card mostly. Visa aims to solve this challenge by partnering with advanced organizations in the insurance industry. This partnership will help in the transformation of the traditional insurance processes, which can be time- consuming as a result of the protocols, to a more accessible and faster real time payment process.
This development will be made possible by partnership with various global insurance leaders such as PNC Bank, Erie Insurance, Invenger Technologies (specifically their InsurPAY platform), SafeCharge, Setoo, Peoples Payment Solutions and also TELUS Health, amidst many others. The partnerships will serve as a means of facilitating and enhancing insurance payments for their various customers at large.
Eyal Gluska, the co-founder and co-CEO of Setoo said, ‘Providing instant, automated compensations for today’s customers, especially at the most critical times in their customer journey is an obligation. That’s why we are constantly looking for the best payment services available to integrate into our insurance platform as a service. The operation of Visa Direct, with our values partner, SafeCharge, allows electronic companies offering ancillary insurance products to offer their customers a hassle-free and worry-free experience.