Security protocols to prevent cyber attacks

Cyber attacks are a significant concern of every company, particularly those that deal with sensitive information. Despite tremendous technological advancements, these attacks are still on the rise as hackers continue to find new vulnerabilities in systems. According to Accenture, 68% of business leaders believe that their cybersecurity risks are increasing. For these reasons, ensuring that you have strong security layers to protect your company is crucial. This article will guide you through two of the most common security protocols you should be aware of and implement in your company. Imburse provides both IP Whitelisting and SSO, alongside other functionalities like encryption. We only save sensitive information that is securely encrypted, enabling our clients to protect their data fully.

IP Whitelisting

IP Whitelisting is a security technique that whitelists IP addresses, giving IT administrators complete control over who can access the company’s system on their behalf. This process involves developing a list of IP addresses and assigning them to a user or a group that is trusted and that works directly with the company. These could be employees, contractors, clients, or anybody that need access to the company’s resources.

Only users whose IP address belongs to the trusted list can access the system, whether they connect through a private network or a VPN gateway. IP Whitelisting can be handled on firewalls, edge routers, web servers, VPN gateways, application layers, or SaaS applications. Businesses can set up IP Whitelisting themselves or use a third-party’s solution.

What is a whitelist?

A whitelist is a list of trusted users that can access the company’s resources, whether that be networks, apps, or other digital platforms. IT administrators create this list by gathering the IP address of every user. Once this list is created, they then have to add it to their whitelist using a firewall, router, or through a third party. These steps vary depending on who is handling the process.

An IT address is a unique address that identifies a device or a network. It is composed of a set of numbers separated by periods and mathematically produced by the Internet Assigned Numbers Authority (IANA). Whitelisting is a basic yet crucial step in ensuring that only trusted devices can access your company’s sensitive data or systems. This can prevent many cyber security attacks from happening.

IP Whitelisting with Imburse

Imburse’s clients can set up their IP whitelisting list so that only trusted IPs can access Imburse on behalf of the company or tenant. Setting up this solution requires opening a new ticket and requesting integration. Once the IP whitelisting is set up, clients can create up to 100 rules, and each rule can have various IP addresses. Clients can also tag IPs for organisational purposes.  Imburse uses the IPv4 protocol, so only public IPs can be whitelisted (rather than the organization’s internal IPs).

Benefits of IP Whitelisting

  • Extra security – Companies get an extra layer of protection that prevents external people from accessing private data.
  • Regulatory compliance– IP Whitelisting is a basic IT cyber security protocol that further strengthens compliance with regulations.
  • Easy set-up – IP Whitelisting is easy and convenient to create and maintain, as it only takes a few steps.
  • Visibility– IT administrators gain better visibility over who can and cannot access the network and resources.

Single sign-on (SSO)

Single sign-on or SSO is a feature that enables users to log in only once with one set of credentials and access various apps, platforms, or datasets. Companies usually use a wide range of applications and services daily. This requires employees to log in multiple times a day, with different credentials and often switching between platforms. SSO solves that fragmentation problem by enabling employees to easily and quickly access various platforms through a single login.

SSO also helps companies comply with regulations. Regulatory bodies require companies to document the controls and security measures they have in place. Since SSO reduces the number of credentials and logins needed, companies have an easier time documenting these. Plus, each login is an opportunity for attackers to steal details, so the fewer logins, the better.

Benefits of SSO

  • Regulatory compliance– SSO makes it less challenging for companies to document their security measures around data access.
  • Extra security– SSO prevents hackers from accessing data, reducing the number of times employees have to log in to apps and services.
  • Employee satisfaction – Employees can spare the hassle of switching between platforms and memorising various credentials, which makes their job easier.
  • Higher productivity– SSO enables teams to be more productive and save time.
  • More control – Your Microsoft account might be connected only to your computer. If a user can only access certain apps or systems with Microsoft account, it means that users will have to use that specific computer and not his private one that can be compromised.

Microsoft SSO with Imburse

Until now, Imburse offered Google SSO, enabling our clients to access the Imburse platform through their Google accounts. Imburse has recently added Microsoft SSO, which allows our clients to access our platform via Microsoft. Our clients can now log in to Imburse using their MS Office 356 credentials, making connecting to the payments world even easier and faster. To set this up, all that clients need to send us is their Azure email domain and their Client App ID. Imburse then sends a Redirect URL. Our clients can also add users to the Tenant Portal from their Account Portal.

Once the Microsoft SSO for Imburse is set up, clients simply insert their email into our login page. If the email address is configured with SSO, users will be redirected to the MS Login, where they can add their MS Office 356 credentials. If the email address is not yet configured with SSO, users will be prompted to add their password.

About Imburse

Imburse is a cloud-based middleware connecting large enterprises to the payments ecosystem, regardless of their existing IT infrastructure. Through a single connection to Imburse, enterprises can collect or pay out using various payment technologies and providers around the globe.

In a world where consumers’ payment preferences and technologies are ever-evolving, Imburse works with insurers to future-proof their payment requirements. Regardless of the business area, market, or needs, Imburse will connect you to your choice of technology and provider.

Reach out to our team should you want to discuss how Imburse can help you. Our team is happy to show you what our platform can do for your business and offer you a free demo.

Differences between a payments middleware vs. orchestration vs. gateway

The payments ecosystem has an ever-changing array of providers and technologies on offer. New solutions such as middleware and orchestration platforms aim to make it easier for enterprises to navigate this complex world. However, their definition may confuse many, even industry insiders. This article explores the differences between a payment middleware like Imburse, a payment orchestrator, and a payment gateway.

What is payments middleware?

A middleware is a software solution that enables communication between two or more applications. It serves as a tool that connects different software systems, applications, or databases. There are various types of middleware, such as web servers, databases, and integrations. A payments middleware focuses on connecting enterprises with the payments world (payment providers, technologies, and other solutions). Through a payments middleware, enterprises can integrate with payment providers much faster, cheaper, and using less of their own resources.

A payments middleware like Imburse offers connectivity to the entire payments ecosystem, enabling enterprises to integrate with any payment provider or technology, in any market, for both collections and payouts. This is a crucial factor for various sectors, such as insurance, which focus on both the collection of premiums and the claim reimbursements. Insurers also require multiple providers to offer their customers the payment experience they expect, considering their payment preferences and unique requirements.  

What is a payment orchestrator?

A payment orchestrator or payment orchestration platform is a type of software that manages the whole payment process. This process includes authorization, transaction routing, and settlement. It enables merchants to optimise payment operations by gathering all payment points into a single software layer. It also gathers different PSPs and other technologies that can process various types of payments. You are still required to integrate with multiple payment providers, but you can manage these integrations through your orchestrator. Payment orchestrators focus on online solutions, such as eCommerce, so they may not be the most suitable for other industries.

One of the most significant benefits of payment orchestrators is smart routing. This orchestration layer automatically identifies the best route for payments. For instance, if you have a single processor, the payment needs to go through them. When you can access multiple processors and smart routing, this orchestration layer will send the payment to various processors. If the payment fails initially, it will be sent to the next best suitable processor. This reduces the likelihood of a failed payment and lost sale.

What is a payment gateway?

A payment gateway is a software tool that transfers payment data from the payer to the payee or recipient’s bank account. When customers swipe their card or insert their card details online, payment gateways capture their data and securely pass it to a payment processor. They are the first point of contact between the Issuing bank and the rest of the payment players involved in the transaction. Payment gateways are essential for two main reasons:

  1. They ensure that the payer has enough funds in their account for the payment to be processed. The payment can’t go ahead if the customer doesn’t have enough funds.
  2. They ensure that the customers’ information matches their account details, verifying their legitimacy before the payment is processed. If details don’t match, the payment can’t go ahead.

Payment gateways are also responsible for notifying customers once the payment is authorised. Payment authorisation happens if there are enough funds in the account and if the identity check performed didn’t raise any issue.

Main differences between middleware, orchestrator, and gateway

Payments middleware offers both payouts and collections, while orchestrators and gateways only work for collections. This is a huge barrier for industries like Insurance which, as we have seen before, need to optimise their payments operations for claims reimbursements too, as this is an integral part of their business.

When it comes to payment providers, orchestrators and gateways have a limited choice of providers on offer, meaning that enterprises won’t be able to integrate with any provider they want, for all the markets. Middleware, on the contrary, offers unlimited coverage. This means that enterprises can integrate with any provider or technology of their choice, even if they aren’t already pre-integrated with the middleware. This gives extra flexibility to enterprises that need to adapt quickly to market changes and expand to new customer bases.

Another significant difference between the three solutions is that middleware doesn’t take any revenue share from the enterprise or payment fees. Instead, you will pay a fixed price for the solution. Both orchestrators and gateways will have fees per transaction.

About Imburse

Imburse is a cloud-based middleware connecting large enterprises to the payments ecosystem, regardless of their existing IT infrastructure. Through a single connection to Imburse, enterprises can collect or pay out using various payment technologies and providers around the globe.

In a world where consumers’ payment preferences and technologies are ever-evolving, Imburse works with insurers to future-proof their payment requirements. Regardless of the business area, market, or needs, Imburse will connect you to your choice of technology and provider.

Reach out to our team should you want to discuss how Imburse can help you. Our team is happy to show you what our platform can do for your business and offer you a free demo.

How to reduce payment operations costs

Payment operations involve a range of costs, some of which may be fairly unheard of and therefore disregarded. Having a broad understanding of the costs associated with payments and how to reduce those costs while optimising your payment system will prove invaluable.

According to a study by Merchants Risk Council (MRC) and CyberSource, published in an RPGC report, the cost of payments is the second biggest payment challenge that enterprises face. It comes just below eCommerce fraud and above acceptance of alternative payments, security, and IT constraints. The complexity of payments and involving costs continue to increase as new payment providers and solutions enter the market.

The challenges of managing a payments system

There isn’t a single payment provider, or PSP, that covers all payment methods in all countries and regions. For these reasons, large enterprises are forced to connect with various providers to cater to their customers’ needs. These integrations, while vital, make payment operations increasingly cumbersome and expensive.

Aside from the payment fees that each provider charges, there is an array of functionalities that enterprises need to keep in mind, including smart routing, mandate management, and unified reporting. This complex architecture composed of different systems is complicated to manage, particularly for non-technical teams. This article discusses the complexity of payment operations and the various costs businesses face and provides solutions to reduce these.

Payment fees

There are various fees involved in payments, including interchange fees, assessment fees, and payment processing fees.

Any payment involving a card network like Visa and Mastercard will have interchange fees. These fees cover the payment processing costs for the issuing bank, processor, gateway, card network, and acquiring bank. Enterprises will have to pay a fixed fee per transaction, which can go from 0.2 to 3%. Usually, the interchange fee is composed of a percentage of the sale and a fixed amount. For instance, Visa currently charges 1.29-2.5% plus 10 cents per transaction for card-present payments (Nerd Wallet report). This fee may vary depending on an array of factors, such as the type of payment and card network. 

Assessment fees are charged on the enterprises’ total monthly sales. Each card network will charge its assessment fee, which is paid directly to them. Payment processing fees, on the other hand, are paid to each payment provider. They cover the costs of running software, billing, and technical support, amongst others. These fees can vary widely depending on the providers you use, and, naturally, the more providers you connect with, the more expenses you will have to pay.

Provider integrations

Another high cost comes with the integrations with payment providers. Connecting with payment providers is a cumbersome, resource-draining, and expensive process that typically lasts months. This is especially true for traditional enterprises that rely on old IT systems to power their operations. These systems are generally incompatible with the newest technologies, making it challenging to perform the technical integrations required. Yet, enterprises need to connect to multiple providers to meet customers’ needs across different markets. While these costs may seem unavoidable, a payment middleware can drastically reduce them.

The role of a payment middleware

A payment middleware solution enables enterprises to connect to any payment provider or technology. It does all the heavy lifting of pre-integrating with providers, significantly reducing integrations’ time and costs. Aside from the cost reduction aspect, middlewares make it much easier and more efficient to manage payment operations on a single platform. Unified reporting, for instance, is crucial to ensure that your data is fully updated and easy to visualise, regardless of how many payment providers you are using. Because enterprises get a single payment report from each provider, a unified reporting feature is necessary to put all this data coming from different places together.

The same can be said about many other features, such as smart routing. Smart routing automatically routes each payment to the most suitable provider, which is also the most likely to accept it. If a payment fails through one provider, it is directed to the second best. This can increase approval rates significantly and reduce payment failure, resulting in more successful sales, more revenue, and higher customer satisfaction.

Aside from payment integrations and other crucial payment functionalities, a middleware like Imburse also provides the agnostic payment expertise that enterprises need to navigate the complex payments world. In an ecosystem that is so rich in payment providers and solutions, finding the most suitable ones for your business can be quite challenging. Most enterprises don’t have the in-house payments team or payments knowledge[RR1] , and it may not be reasonable to build a payments team from scratch[RR2] . Having technical and competency support enables enterprises to make better payment decisions and save on a lot of costs in the long run.

About Imburse

Imburse is a cloud-based middleware connecting large enterprises to the payments ecosystem, regardless of their existing IT infrastructure. Through a single connection to Imburse, enterprises can collect or pay out using a variety of payment technologies and providers around the globe.

In a world where consumers payment preferences and technologies are ever-evolving, Imburse works with insurers to future-proof their payment requirements. Regardless of the business area, market, or requirements, Imburse will connect you to your choice of technology and provider.

Reach out to our team below should you want to discuss how Imburse can help you. Our team is happy to show you what our platform can do for your business and offer you a free demo.

Imburse’s Head of People talks company culture, attracting and retaining talent

Our Head of People, Helen Ogilvie, recently spoke with The Harrington Starr about her role, the culture at Imburse and how to attract and retain talent in the Fintech industry. Helen has held multiple HR managerial roles in both large corporates and start-ups. She also ran her own HR Consulting business before joining Imburse. She joined Imburse full-time in October 2021, having worked closely with the Imburse team for 18 months prior. Some of her deciding factors were the opportunity to join Imburse at a very exciting, growth stage, and the balance Imburse provides to its employees.   

Leading the People team, particularly at a growth stage and in a very competitive, candidate-led market, isn’t the smoothest journey. Job openings for Tech talent have reached a 10-year high. According to Tech Nation, out of all roles available in the UK, 14% are for tech positions. It is not surprising that, due to investments in technology and the rapid growth of this sector, attracting and retaining tech talent is more challenging than ever.

The pressures and competitiveness associated with employing the right Tech talent have put a strong emphasis on reviewing company culture and benefits. This is especially true for small companies that may be unknown to most candidates. Imburse is a people-first company since it was founded in 2018, and its focus on employees’ well-being remains a high priority. In Helen’s words, “Imburse was built on very solid foundations, with a strong focus on trust and transparency.” She added: “We completely avoid the whole political game, and it just means that our people are all very much following the same mission, and that is something that comes true across the company.”

Another important factor that employees appreciate is flexibility. Imburse understands that each employee has unique needs and different priorities in their lives, whether that is parenting or other responsibilities. The importance of balancing our time between work and life outside of work became even more evident during the pandemic. As all employees shifted to remote working during the lockdowns, the barrier between work and other life commitments became smaller.

Employees and companies alike realised just how crucial it is to have policies that allow for more flexibility. There are various reasons why flexibility can be advantageous for employees, who are able to juggle between work and life without the guilt that is often associated with it. But equally, employees that have flexible work arrangements have noticed a 43% increase in their productivity (Gartner 2021 Digital Worker Experience Survey).

Aside from these benefits, Imburse also offers private health insurance and shares in the company, so that all employees are truly a part of the business and are invested in our success. At its core, we always try to understand everyone’s individual situation and what flexibility they may need, so we can tailor our offering based on what’s important to them. Not every employee has the same preference, for instance, when it comes to remote/hybrid/on-site work models. “It isn’t a one-size-fits-all and the diversity of the company is really important to us, so we are taking everyone’s needs into account and creating structures around that,” says Helen.

This can naturally be a challenge as companies grow and scale. Imburse has been growing steadily in the last year and has now over 60 employees across our three main hubs: Zurich, London, and Lisbon. Ensuring that there is a solid people structure to support this growth is key in not losing focus on putting employees’ well-being first. According to Helen, the two main priorities for us and the People team in particular over the last few months have been hiring and engagement. “It has been a candidate-led market for quite a while, so we had to work really hard to find the people we want. We have succeeded, though it’s not been easy at times.”

On the engagement side, we placed a lot of focus on improving communications to keep everyone updated and ensure that everyone knows exactly where we are going. Employee sentiment is also very important to us, and we use a lot of the feedback we get from employee surveys to develop our action plans for the next quarter. Another aspect that has been part of our strategy involves establishing senior management positions so that employees know who they can talk to and have open channels available. Lastly, though there are a lot more factors we could discuss, we frequently update and review our compensation packages. We have given two pay rises across the company this year, as we understand that inflation and the cost of living crisis are affecting and concerning a lot of us. These are just some of the strategies that Imburse has been focussing on, led by Helen and her team. Click here if you want to listen to the whole The Talent Surgery podcast episode

Imburse partners with Sapiens to provide access to the global payments ecosystem

Imburse, a cloud-based payment middleware, are pleased to announce their strategic partnership with Sapiens International Corporation, a leading global provider of software solutions for the insurance industry to enable Sapiens’ customers to easily connect with any payment provider or technology of their choice, for both collections and pay-outs.

The partnership provides numerous benefits, including complete payment coverage and accessibility for collections and pay-outs in any market, enablement of multi-tenant architecture, and cost reductions in integrating with payment providers and technologies. Sapiens’ customers are now able to benefit from Imburse’s middleware solution through their Sapiens tooling. 

“Getting payments right is vital for the customer experience as well as business efficiencies. It is the one capability that creates a significant amount of costs and resource drain for insurers. Sapiens deliver a low-code platform for enabling insurers to digitise and improve their customer experience. At Imburse, we simplify how insurers deploy payment capabilities for collections and payouts. The combined capabilities of Sapiens and Imburse will enable insurers to connect to the global payments ecosystem through one single connection giving customers more choice in how they pay and receive claim payouts.” said Oliver Werneyer, Co-founder and CEO of Imburse.

Sapiens International Corporation empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. Backed by 40 years of industry expertise, Sapiens offers a complete insurance platform, with pre-integrated, low-code solutions and a cloud-first approach that accelerates customers’ digital transformation.

“With over 40 years’ experience in the software market, Sapiens understands the benefit of staying relevant and evolving to suit the needs of partners and customers,” said Roni Al-Dor, Sapiens president and CEO. “Our extensive knowledge of the insurance industry, as well as our deep relationships with insurers around the globe and ground-breaking insurtech providers, has positioned Sapiens to help drive innovation and benefit our clients.”

About Imburse

Imburse is a cloud-based middleware connecting large enterprises to the payments ecosystem, regardless of their existing IT infrastructure. Through a single connection to Imburse, enterprises can collect or pay-out using a variety of payment technologies and providers around the globe.

In a world where consumers’ payment preferences and technologies are ever-evolving, Imburse works with insurers to future-proof their payment requirements. Regardless of the business area, market, or requirements, Imburse will connect you to your choice of technology and provider. For more information, please visit https://imbursepayments.com/

Media Contact

Imburse

Beth Molloy – Account Executive, ClearStory International

beth@clearstoryinternational.com

About Sapiens

Sapiens International Corporation (NASDAQ and TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. Backed by more than 40 years of industry expertise, Sapiens offers a complete insurance platform, with pre-integrated, low-code solutions and a cloud-first approach that accelerates customers’ digital transformation. Serving over 600 customers in 30 countries, Sapiens offers insurers across property and casualty, workers compensation and life markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management.  For more information visit www.sapiens.com or follow us on LinkedIn.

Media Contact

Shay Assaraf

Chief of Marketing, Sapiens

Shay.assaraf@sapiens.com

The most popular payment methods for Insurance in Europe by country 

While various payment methods are popular worldwide, payment method preferences and solutions vary widely depending on various factors. In Europe alone, multiple solutions apply only to a specific country. Knowing your customers’ exact payment preferences is vital to reducing drop-offs at the checkout stage, which applies to any industry. For instance, insurance premiums, unlike eCommerce purchases, are mostly paid out through several installments, rather than a one-off transaction. Offering methods that enable recurring payments, such as direct debits and credit cards, may contribute to a better customer experience and a more efficient collection operation for insurers.  

There are many demographic factors to take into consideration when choosing which payment methods to offer, including age, gender, and class. The insurers’ target customers will have an effect on payment methods too. For instance, millennials and gen z are likely to be more tech-savvy and to choose less mainstream payment methods. In this report, we focus on the variety of payment solutions across specific European countries and how they differ from each other.     

Advantages of offering country-specific payment options at checkout  

ECommerce has boomed drastically over the last few years, and it has been shaping customer expectations for all the other sectors. As increasingly more consumers turn to digital to make purchases, ecommerce has seen the greatest advancements and innovations of all times. From AI-powered personalisation to single-click checkouts, consumers are offered the simplest and most seamless buying experiences, particularly at checkout. The challenge, however, is that customers now expect this quick and straightforward payment service for any product they buy online, including their insurance policies.     

Despite the advancements of eCommerce, the average checkout drop-off rate for desktop users is still at 69.75%, and Baymard Institute estimates that $260 billion could be recoverable by providing better checkout experiences. In a recent survey, 9% of the respondents mentioned the lack of payment method variety as their main reason for dropping off at checkout. Other causes include high extra fees, the requirement to create an account, and the unreliability of the website regarding safety.  

This applies to insurance too, as customers want to be able to pay for their products quickly, efficiently, and using their preferred payment method. Being able to convert that 9% of people who dropped off into real customers poses a serious profit opportunity that can’t be disregarded. It starts with knowing what your customers want and offering the payment methods that are specific to them and to where they are based.  

Imburse is a cloud-based payment middleware offering connectivity to the entire payments ecosystem. Once connected to Imburse, enterprises can easily integrate with any payment provider or technology, in any market, for both collections and payouts, gaining the flexibility to adapt to different markets and unique customers’ needs. Our data team developed a thorough report that covers some of the most popular payment solutions across various European countries. This report highlights the variety of solutions available, as well as the importance of meeting customers’ specific needs at checkout.  

Payment methods in Europe  

Debit or credit cards are the most popular payment method in Europe, with Western and Central Europeans using this payment methods for 45% of their online purchases. Bank transfer is the second most popular payment method, used for 25% of all online purchases in Europe. E-wallets coming in as the third preferred option of Europeans, followed by cash and other less known payment methods (Ppro report). 

Payment methods in the UK 

50% of the UK population prefers using credit and debit cards to make purchases online, with some of the most popular card networks being Visa, Mastercard, and American Express. Digital wallets such as ApplePay, GooglePay, Amazon Pay, and PayPal come in second as the choice of 28% of UK consumers.  

8% of UK residents prefer using cash through payment methods such as Paysafecard, and PaysafeCash. Another 8% prefer other payment methods, including Boku and Zip, as well as Buy Now Pay Later solutions like ClearPay, that enable them to pay in installments and spread the costs throughout a designated period. Bank transfers are actually the preference of only 5% of UK residents, making them one of the least popular payment methods in the UK.  

When it comes to financial recurring payments, Direct Debit is the preferred method of 74% of UK residents. 30% of all recurring payments are financial and include mortgages, insurance, loans, pensions, and investments (GoCardless report).   

Imburse offers over 60% of payment coverage in the UK and over 80% of insurance-specific coverage. Once connected to us, you can connect with most payment providers and technologies, both international and UK-specific, and offer your customers the payment variety they are looking for.  

Payment methods in Portugal 

Credit and debit card payments such as Visa and Mastercard are the most popular payment method in Portugal, preferred by 44% of Portuguese consumers. Digital wallets take second place as the preferred payment choice of 26% of Portuguese. These wallets include the well-known Apple Pay and Google Pay, but also country-specific solutions such as MB Way.  

Imburse has over 60% payment coverage in the Portuguese market and over 80% insurance-specific coverage. By connecting to us, you can easily access most of the payment providers and technologies available in Portugal and offer your Portuguese customers the payment methods of their choice.  

Payment methods in Spain 

Similar to Portugal, Spain’s preferred payment method is debit or credit card, chosen by 47% of Spanish consumers. This is followed by digital wallets such as bizum and CaixaBank, both Spain-based solutions. Bank Transfers take third place and are preferred by 16% of Spanish consumers. Some of Spain’s most popular technologies for bank transfers include BBVA, Safety Pay, Sabadell, and iberCaja.  

Other popular payment methods in Spain include cash, chosen by 8% of Spain residents, and other solutions such as Oney, Mobiamo, and ClearPay. Imburse provides over 60% of payment coverage for the Spanish market and over 80% of insurance-specific coverage.  

Payment methods in Switzerland 

Contrary to Portugal and Spain, a bank transfer is actually the most popular payment method in Switzerland. 53% of Swiss consumers prefer bank transfers to pay for products and services. The technologies used for these transfers vary widely, some of the most popular ones being SEPA, Powerpay, Availabil, and Trustly. This is followed by 24% of the Swiss population opting for credit or debit cards such as Visa, Mastercard, and Myone. Digital wallets come in third place, chosen by 20% of Swiss consumers. Aside from ApplePay, GooglePay, and PayPal, there are other equally popular digital wallets such as Twint and Skrill.  

Imburse covers over 30% of all the Swiss payment providers and technologies and over 50% of the insurance-specific payment market. Our solution also enables you to add or change providers easily and quickly to adapt to customers’ ever-changing needs.  

Payment methods in Germany 

Bank transfer is Germany’s most popular payment method, with 49% of German residents preferring it over other methods. The technologies used include SEPA, Giropay, Paydirekt, Sofort, Paymorrow, Laterpay, and Klarna, so there is a mix of international and Germany-specific bank transfer technologies.  

Digital wallets such as Bluecode, Skrill, and Zimpler are chosen by 28% of German consumers, followed by credit and debit cards, preferred by 11% of German consumers. Other solutions and cash come in fourth and fifth place, respectively. Imburse offers coverage for over 30% of payment providers and technologies in Germany and over 50% of insurance-specific payment coverage.   

Offer country-specific payment methods with Imburse.  

Ensuring that your customers have their payment needs met should be of utmost priority to any business. Unlike in other sectors, insurers need to focus on premium collections and claims payouts or claims reimbursements. They need to deliver a great payment experience on both occasions to ensure customer satisfaction. However, connecting to multiple payment providers and technologies is nothing short of a hassle, mainly when insurers are reliant on traditional IT systems incompatible with modern technologies.  

Imburse is a cloud-based middleware connecting large enterprises to the payments ecosystem, regardless of their existing IT infrastructure. Through a single connection to Imburse, enterprises can collect or pay out using various payment technologies and providers around the globe. 

In a world where consumers’ payment preferences and technologies are ever-evolving, Imburse works with insurers to future-proof their payment requirements. Regardless of the business area, market, or needs, Imburse will connect you to your choice of technology and provider. 

Reach out to our team below should you want to discuss how Imburse can help you. Our team is happy to show you what our platform can do for your business and offer you a free demo. 

Why payment tracking is essential

It isn’t uncommon to receive tracking details for orders we make online. Much like any product delivery or important mail, payments can also be tracked. In this article, we discuss what is payment tracking and the importance of keeping track of your payment records.

What is payment tracking?

In the same way that you receive real-time updates from delivery firms, such as for a product you just bought online or for important mail, payment tracking provides you with real-time updates on the progress of your payment. You can see information such as the route your payment took, any routing bank fees or deductions, when the payment reached your recipient’s bank, and when it was credited to your recipient’s account. You may also be able to see the name, address, and SWIFT code of the bank that handled your payment.

A Payment Tracking System tracks and manages payments for various vendors through a web-based application. It consolidates payment requests and delivers all payment information in real-time. This allows companies to gain visibility over their Accounts Payable (AP) and Accounts Receivable.

How to track an online payment

Nowadays, most banks offer the possibility to track bank transfers via their apps, enabling customers to check the status of their payment at any time and to see added fees. However, tracking each payment manually is a cumbersome task that is far from reasonable, especially for large companies that collect and pay out money to thousands of customers on a daily basis. Manual bookkeeping doesn’t work anymore and is also prone to human error. That is why there are several tools and platforms that companies can use to automate their bookkeeping while still ensuring they can get a full view of their cash flow.   

Insurers, for instance, use Direct Debit frequently to collect premiums. In order to keep track of every payment, they need to ensure they have a robust and digital mandate management tool that enables them to have all records on file, without the hassle of having to store physical contracts. They can also automate payments and check the status of the payment in real-time. Imburse offers a mandate management tool that manages all the components of your Direct Debit collections. This includes also unified reporting across all sources. You can learn more about mandate management services and how Imburse can help in our previous article. Also make sure to check our use case on Direct Debits.

Benefits of payment tracking for businesses

There are several benefits to keeping track of your payments. We compiled some of them below:

Cash flow management

Payment tracking enables you to keep a close eye on your financials over a fiscal year, which is essential to better manage your cash flow. The more visibility you have over your expenses, the more accurately you can predict how much money you will have and decide on what to do with that money. A key factor for businesses to thrive is to be able to have a positive cash flow, so monitoring it closely can help you to avoid surprises and enable you to make better business decisions.

Improved forecasting

Because you get greater visibility over your financials, this means you have a clearer idea of how much money you actually have and can calculate your expenses and revenue more accurately. Knowing your numbers is crucial, even to estimate the value of the company and to be able to plan ahead when it comes to investing money in new tools or products. It will also enable you to easily allocate the money you have available into different teams and activities.

Doing your taxes

As you will have complete records of your payments (both collections and payouts), when the time comes to file your taxes, it will be much easier to collect information. You will also be able to more easily separate the non-deductible expenses from tax-deductible expenses, facilitating the job of your accounting team. You should keep a record of every single payment made to or by your customers, as well as other vendors and partners you work with. Unified reporting enables you to do just that. No matter how many payment providers you are connected with, you are able to condense that information into a single platform. Learn more about unified transaction reporting here.

Unpredicted expenses and reimbursements  

Recording expenses and knowing how much financial power you have enables you to allocate money to other tasks comfortably. It is crucial that you have enough money to cover for unpredicted expenses that wouldn’t usually be a part of your payment records, as well as enough money to give bonuses or reimburse employees for work expenses.

About Imburse

Imburse is a cloud-based middleware connecting large enterprises to the payments ecosystem, regardless of their existing IT infrastructure. Through a single connection to Imburse, enterprises can collect or pay out using various payment technologies and providers around the globe.

In a world where consumers’ payment preferences and technologies are ever-evolving, Imburse works with insurers to future-proof their payment requirements. Regardless of the business area, market, or needs, Imburse will connect you to your choice of technology and provider.

Reach out to our team below should you want to discuss how Imburse can help you. Our team is happy to show you what our platform can do for your business and offer you a free demo.