1 / 6

How to get low cost payments in insurance, Use Open Banking - Ordopay

For insurers, cost control is crucial Use Open Banking payment solutions to benefit from low cost payments without compromising service instant payment and automatic reconciliation standard<br>

ordo1
Download Presentation

How to get low cost payments in insurance, Use Open Banking - Ordopay

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. How to get low cost payments in insurance, Use Open Banking - Ordopay

  2. With inflation running at around 11%, both insurer and insured are going to be looking for where they can cut costs and save on collecting and making payments. Whether it’s mid-term adjustments, pay-outs premium payments, how can insurance companies control their costs, take advantage of low cost payments and still give good customer service? The answer is Open Banking. Open Banking payments give insurers instant payment, automatic reconciliation and low cost payments as standard. In this blog: What is Open Banking? What are the benefits of Open Banking payments to the insurer? What are insurance use cases for Open Banking payments?

  3. What is Open Banking? Open Banking is instant payment, cloud native, secure technology provided by FCA authorised FinTechs. FinTechs, like Ordo, provide innovative payments services for businesses using the UK’s online and mobile payments scheme, the Faster Payments rails, to transform payments, giving businesses low cost payments, instant payment and automatic reconciliation. Open Banking services offered as fully hosted and managed, such as Ordo’s, provide insurers with low cost payment solutions that enable payments collection from their clients at significantly lower direct cost, requiring less resource to reconcile, and less risk than other payments methods like cards, cheques and bank transfers. Open Banking payments come with all this, whilst also giving clients more control over their finances than they have with direct debit.

  4. Open Banking services are cloud hosted secure payments platforms and APIs allowing insurers to initiate payments requests for contact centre, billing and invoicing, mid-term adjustment fees and e-commerce payments. These Open Banking payments solutions come with web and app-based frontends to allow any end payers using mobile or internet banking to authorise and pay the payments requests directly to the insurer, with instant payment being made directly from their bank account to the insurer’s bank account, without any sign up, registration or app download. Access to Open Banking payments could not be easier.

  5. For more information visit: https://ordopay.com/how-to-get-low-cost-payments-in-insurance-use-open-banking/

More Related