Medical assistance and cost containment provider Traveller Assist has announced the launch of Payr, a new insurtech platform facilitating the quick and efficient payment of medical bills abroad.
The platform combines insurtech, fintech and blockchain, as well as extensive industry knowledge, to pay medical bills and other travel related expenses on behalf of travel and health insurers. Its global network of accounts allows payments to be made and received with over 75 different currencies across over 120 countries; insurers pay in their own country, using their own local currency, with providers paid in their own country, using their own local currency. The smart technology linking the various payment nodes means that no money actually needs to cross any borders.
“In an age of digital disruption, our clients are constantly looking for new ways to increase their product offering and reduce their fees,” commented Xavier Durand, interim CEO of Luxembourg-based Payr Financial Services, which is now the parent company of Traveller Assist. “Payr does both. It has significantly reduced banking and currency exchange fees on both sides of the transaction. Both payers and providers benefit.”
Going forward, Traveller Assist’s Managing Director Jonathan Bancroft explained, Traveller Assist will continue to operate independently, providing its clients with medical assistance services, while Payr will focus on strategies related to cost containment.