One Inc., a digital payment services provider for the insurance industry, has rolled out an extension of its Mastercard partnership to offer more disbursement claims through Mastercard virtual cards and Mastercard Send, TheStreet reported on Thursday (Sept. 9).
The partnership is powered by One Inc.’s ClaimsPay, a product that delivers near-instant, secure payments, which will equate to more cashflow opportunities and cut down on cycle time.
The partnership is aimed to help digitize the insurance payments stack by offering some other way beyond checks. The insurance industry has seen issues lately with its reliance on more outdated modes of payments, such as checks. Because checks lack transparency and are ten times more expensive for insurers to manage, virtual cards could be a solution, TheStreet reported.
Virtual card operations are at a high and are expected to accelerate to more than $5 trillion by 2025. Right now, by contrast, they’re sitting at $1.6 trillion, according to Juniper Research data cited in the report.
“This partnership with Mastercard empowers insurers to offer greater peace of mind to claimants in the face of unexpected accidents or disaster,” said One Inc CEO Ian Drysdale, per the report. “Together, we have the ability to transform and facilitate the delivery of funds in near real-time via Mastercard’s virtual cards, providing unique benefits to our vendor network and ever-growing roster of insurance customers. It is another sign of the fast-moving digital evolution in the insurance industry.”
In other news, Mastercard will be buying cryptocurrency intelligence startup CipherTrace to work more in the cyber and artificial intelligence (AI) fields.
Read more: Mastercard Buys Crypto Intel Startup CipherTrace
The partnership would allow Mastercard to differentiate its card and real-time payments.
Cipher Trace, a Silicon Valley company, uses its proprietary technology to provide security and fraud detection services for crypto-related companies.
Ajay Bhalla, president of cyber and intelligence at Mastercard, has cited trust and security as some of the more important aspects for digital asset companies.
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