Digital payment solutions provider Dream Payments, in collaboration with Mastercard, has rolled out a new system. It will optimise insurance companies’ claims systems and facilitate swift digital payments.
The platform, called Dream Claims Payment API, will allow insurance companies to connect to the Dream Payments Hub. Furthermore, they can connect to Mastercard Send.
The insurance industry issue claim payments of more than $1tn through slow systems every year, according to Dream Payments.
Dream Claims Payment API aims to streamline the process and disburse real time transfers to nearly all domestic debit card accounts in the US.
Mastercard SVP for global acceptance Zahir Khoja said: “At Mastercard, we understand that developing products and services that companies can easily adopt will ultimately best serve consumers.
“Through our partnership with Dream Payments, we’re reimagining how insurers can attract and retain consumers by optimising systems and getting claim payments to people when they need them most, in near-real-time and digitally.”
The Dream Payments Hub and the Claims Payment API are developed on the IBM Cloud to provide a scalable platform for the insurers.
Dream Payments CTO Long Van said: “Our API allows insurers to rapidly integrate digital claims payments into their claims systems and processes to deliver an exceptional experience for both end customers and internal claims personnel.
“Through one API and the Dream Payments Hub, insurers of all sizes can now benefit from the speed and efficiency of digital claims payments and eliminate the friction associated with printing, sorting, mailing and tracking of checks.”
Furthermore, US-based Travel Insured International is the first insurance company to deploy Dream Claims Payments API.