Payment service company SafeCharge has announced a collaboration with real-time push payments platform Visa Direct that will enable faster payouts for insurance-as-a-service company Setoo.
The new partnership allows Setoo to provide customers with an improved insurance experience that removes the need for any claims processes and provides immediate compensation. The Visa Direct service can be used for more efficient payments across a number of use cases, including cross-border payments, insurance disbursements and contractor payments for gig economy jobs.
“Insurance payouts represent a great use case for Visa Direct, providing more efficiency for insurers and a smoother experience for beneficiaries,” said David Josephs, Head of Visa Direct for Visa Europe. “Setoo is one of the companies leading the way for these types of payouts.”
Indeed, Setoo is amongst the first innovators in the industry adopting the technology. And with SafeCharge’s involvement in the process, the transfer flow is easy and secure: the merchant sends the payment instructions to SafeCharge, SafeCharge sends a single authorisation and a clearing message to Visa, and the issuer posts funds to the cardholder account on receipt of authorisation.
“Nowadays, real-time delivery is a must when we buy goods and services. When it comes to disbursements and movement of money, expectations are exactly the same” explains Eyal Gluska Co-founder & Co-CEO of Setoo. “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. Visa Direct fits in perfectly with the quick, smooth disbursement we require.”