SafeCharge partners with Visa Direct
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.
“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.”
“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.”
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.
SafeCharge International Group Limited (AIM: SCH), is the payment service partner for the world’s most demanding businesses. SafeCharge provides global omni-channel payments services from card acquiring and issuing to payment processing and checkout, all underpinned by advanced risk management solutions. This fully featured proprietary payment platform connects directly to all major payment card schemes including Visa, Mastercard, American Express and Union Pay as well as over 150 local payment methods. With offices around the world, SafeCharge serves a diversified, blue chip client base and is a trusted payment partner for customers across a range of vertical markets. The company has been listed on the London Stock Exchange AIM market since 2014. For more information see: http://www.safecharge.com/.
Setoo empowers e-businesses to build and distribute personalised insurance and protection products, increasing revenue from ancillary services and delivering exceptional customer experience. With Setoo’s parametric insurance-as-a-service platform, e-businesses can create new, super-targeted protections within minutes, addressing consumers’ actual concerns, and generating automatic compensation without the need to file any claim. Setoo operates as an MGA and is approved by the FCA in UK and ACPR in EU. Setoo recently announced a €8M Series A funding round by Kamet, AXA’s Insurtech startup studio.