ePayPolicy Debuts Payables Reconciliation Automation Tool for Insurance Industry

ePayPolicy has added a payables reconciliation automation tool to its insurance payment and reconciliation products suite.

The new Payables Connect leverages the company’s existing integrations and machine learning (ML) technology to automate the reconciliation, creation and payment of due payables, ePayPolicy said in a Wednesday (April 5) press release.

“Payables are a time and resource strain for insurance companies,” ePayPolicy CEO Mark Engels said in the release. “For many, it’s a cumbersome process with predominantly manual touchpoints, and often dozens of dedicated headcounts. We can alleviate a lot of that burden for accounting offices of all sizes.”

The new Payables Connect product uses ML-assisted document scanning, matching and automated reconciliation with existing accounting systems to replace many time-intensive matching processes, according to the press release.

PYMNTS research has found that insurance companies are navigating today’s challenging times by improving their disbursements and inbound payment processes.

According to “Money Mobility Comes to the Insurance Industry,” a PYMNTS and Ingo Money collaboration, there is no shortage of ways that companies can leverage digital solutions to improve the insurance industry.

Around the world, InsurTechs, FinTechs and traditional insurance companies are bringing digital solutions to bear on nearly all aspects of the insurance experience, the report said.

The new product joins ePayPolicy’s existing lineup that includes management system integrations, custom application programming interface (API) connections, network payables and other digital payments and back-office automation products designed for the insurance industry.

“We want to be the place our customers go to reconcile their payables and receivables and tie it all together with their existing accounting solutions,” ePayPolicy Chief Technology Officer Nish Modi said in the release. “We’re committed to building an industry-wide network that securely moves money and the associated data in an efficient manner throughout the insurance industry.”

The launch of the latest product comes about seven months after ePayPolicy added a product called CheckMate that helps the insurance industry rapidly route, process and reconcile paper check payments.

When announcing the availability of CheckMate in September 2022, the company said that its customers’ experiences align with PYMNTS research that found that check payments account for more than half of the payments in the insurance industry, compared with a quarter of less of those in other industries.


CFTC Appoints Whistleblower Office Director Brian Young to Lead Enforcement

CFTC

The Commodity Futures Trading Commission (CFTC) has named the former director of its Whistleblower Office, Brian Young, as its director of enforcement.

The appointment was announced Friday (Feb. 14) by CFTC Acting Chairman Caroline D. Pham, according to a CFTC press release. Young had been serving in an acting capacity since Jan. 22.

“He is a fearless leader that will build an even more impressive enforcement program that will stay true to the CFTC’s mission to protect the American public from fraudsters and scammers,” Pham said in the release. “I am confident that under Brian’s leadership, the CFTC will expand and scale our resources to help more victims than ever before and ensure the integrity of our markets in the name of justice.”

Young joined the CFTC as director of its Whistleblower Office in 2024, according to the release. During his first year in that role, Young oversaw a team that achieved an all-time high number of annual dispositions of whistleblower award applications.

Prior to joining the agency, Young was with the Department of Justice for nearly 20 years, most recently as acting director of litigation for the Antitrust Division, the release said.

Before that, Young served in various roles in the Fraud Section of the Criminal Division, including chief of the Fraud Section’s Litigation Unit, per the release.

While at the Department of Justice, he successfully tried criminal fraud and manipulation cases in the CFTC’s markets, according to the release.

“I want to thank Acting Chairman Pham for her confidence in me and for her commitment to continuing the CFTC’s aggressive efforts to protect our global commodity markets from fraud, manipulation and other abusive practices,” Young said in the release.

The White House said in a Wednesday press release that it sent to the Senate nominations for Brian Quintenz to be chairman of the CFTC and a commissioner of the CFTC for a term expiring April 13, 2029.

Quintenz is a former commissioner of the CFTC and now works for the cryptocurrency unit at venture capital giant Andreessen Horowitz, PYMNTS reported Wednesday (Feb. 12).

The commission is expected to gain new powers over the cryptocurrency sector.