One Inc has forged partnership with payments giant Mastercard to disburse insurance claims to individuals, families, and businesses in almost real-time.
The agreement will enable One Inc, a digital payments network for the insurance industry, to pay claims through Mastercard virtual cards and Mastercard Send.
The service, which is aimed at delivering cashflow for claimants and vendors and slash cycle time and expenses for insurers, will be powered by One Inc’s ClaimsPay offering.
One Inc said that the partnership with Mastercard is part of its strategy to digitalise the complete insurance payments stack with an alternative to checks.
One Inc CEO Ian Drysdale said: “This partnership with Mastercard empowers insurers to offer greater peace of mind to claimants in the face of unexpected accidents or disaster.
“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.”
According to Juniper Research, virtual card adoption is expected to surge to more than $5 trillion in transaction value by 2025, which will be more than three-time its $1.6 trillion value in 2020.
Mastercard senior vice president of business development of North America Marie Aloisi said: “Mastercard is focused on improving the ways people and businesses pay and get paid, providing more choice, security and convenience.
“Through our collaboration with One Inc and by providing virtual card solutions and near real-time payments with Mastercard Send, we’re helping insurance providers digitise payments so people and businesses can receive their claim payments quickly, securely and into the financial accounts of their choice.”