What is ISO27001?

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By Mariana Almeida Marques

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Financial services companies are facing a worryingly increasing number of cyber-attacks and data breaches. In fact, only in the first half of 2021, the banking industry saw a 1318% increase in ransomware attacks (Trend Micro). It is estimated that cyberattacks on banks from 2020 onwards will result in a loss of $347 billion. The insurance industry follows closely with a loss of $305 billion (Accenture report).  

It is now more relevant than ever that companies ensure that all private information is handled securely. The ISO27001 certification is a way for organisations to formalise their processes and prove that they are handling data in a secure way. In this article, we explain what ISO27001 is, how it works and its importance for companies.  

 

Meaning of ISO27001

ISO27001 is an international standard for information security management. It is composed by a set of policies and guidelines that help companies in any industry to better protect their information assets. Over time it has become the de facto measurement of the degree to which an organisation takes information security seriously.

The Information Security Management System (ISMS)  is a framework which defines an approach to implementing information security controls based on a clear understanding of objectives and risk levels. This enables adopters of the standard to set well-considered policies and procedures that can help prevent security breaches and mitigate security risks.

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ISO27001 was published jointly by the International Organisation for Standardisation (ISO) and the International Electrotechnical Commission (IEC), two organisations known for developing international standards. As ISO27001 is a requirements standard, it is possible to become certified to it. This involves a third party certification body carrying out an audit to verify the implementation of the standard.

This certification is useful because it provides other organisations with assurance that the standard has been implemented correctly. Although ISO27001 certification is not mandatory, it has a number of benefits for companies that wish to build trust and assure their clients and partners of strong information security processes.

 

How does ISO27001 work?

The ISMS consists of a number of basic building blocks including the establishment of a set of policies, the definition of clear information security objectives, ongoing risk assessment, monitoring and reviews. It starts with an initial review of potential security risks, followed by the definition of processes that can prevent or mitigate each risk. The main purpose of ISO27001 is therefore to improve risk management by discovering which risks are there and implementing policies and solutions to increase security. Naturally, each company faces different risks, so there isn’t a one-size-fits-all set of solutions.

Technically, ISO27001 is divided into two parts: a set of 11 clauses and the Annex A. Clauses 0 to 3 include Introduction, Scope, Normative References and Terms and Definitions, and clauses 4 to 10 include the mandatory requirements to become ISO27001 certified, broadly these cover the following key areas:

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Annex A forms an integral part of ISO27001 and includes a list of practices that enable companies to better manage their security risks. These aren’t mandatory to follow, they simply serve as guidance and can be applied to different business scopes.

 

Why is ISO27001 important?

Though ISO27001 isn’t mandatory, is it still an internationally recognised standard. This means that companies that do have the ISO27001 certification can prove to their clients and partners that their data is protected. Furthermore, it also shows that companies have the necessary processes in place to react appropriately should there be any kind of data breach. This helps to build trust between companies and clients. Not only is ISO27001 important to protect clients’ personal data, but the organisation’s own data too including that of employees, suppliers and partners.

 

How can companies get their ISO27001 certification?

The requirements for being ISO27001 compliant are addressed in clauses 4.1 to 10.2, as well as in Annex A. Companies need to be audited by an external accredited body and, if the audit is successful, this external organisation will provide them with the certificate. You can find more information about the ISO27001:2013 certification and its requirements on their official website.

At Imburse, we care deeply about our clients and are committed to the security of our data. For this reason we decided to implement an ITSM that follows the ISO27001 framework and successfully obtained certification in April 2021.

 

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.

 

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What are Account-to-Account payments?

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By Mariana Almeida Marques

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Account-to-account payments have been around for a long time, traditionally used to schedule recurring bills. However, Open Banking has brought about new opportunities that are reshaping the potential of A2A, and making it more popular than ever. Whether you have heard about A2A payments before or are new to this designation, it is worth knowing a little bit about this payment type. In this article, we explain what are A2A payments, the different types of A2A payments, their benefits and how they have changed in the last few years.

Account-to-account payments meaning

Account-to-account (A2A) payments are payments sent directly from the payer’s to the payee’s account through instant payment networks. This type of payment doesn’t require intermediaries or payment instruments such as bank cards. Traditionally, these are considered bank-to-bank payments and have been around for a long time. However, the term A2A now includes not only transfers between bank accounts, but also between digital wallets.

Types of Account-to-account payments

There are two main types of A2A payments: Push and Pull. Their differences are based on who triggers the payment. Let’s check:

Push payments

Push payments are one-off payments sent directly from the payer. The payer is “pushing” money from their bank account to another account, so the action is triggered by the payer. This could be a bank transfer, invoice payment or instant payment. It is typically used for Peer-to-Peer (P2P) transactions (sending money between friends), but it can also be used for customers to pay directly to a company, or even for companies to pay payroll direct deposits to their employees.

Pull payments

In pull payments, the payee “pulls” the money out of the payer’s account. These are typically recurring payments and are common for businesses with subscription models. Customers agree to be charged on an ongoing, recurring basis until they decide to end the contract. Once the agreement has been made, customer don’t need to manually send any payments- the money is automatically pulled from their accounts on the agreed date.

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How Open Banking is transforming A2A payments  

Open Banking refers to a series of reforms in the banking industry that promote interoperability between financial services institutions and other third-parties. It involves the sharing of data between different companies via APIs (Application Programme Interfaces). These APIs enable software applications to connect to each other and exchange data, making it easier for companies to access information and improve user experience.

When applied to A2A payments, Open Banking enables consumers to pay to other accounts at the point of purchase, much like card payments. Because customers can make an A2A payment through the banking app they already use, they won’t need to insert extra information, making the process seamless and fast. Aside from their banking app, customers can also use their digital wallets to make A2A payments. Digital wallets have become increasingly popular across the globe, mostly for being more convenient than traditional cards. Customers can also use A2A payments for any regular subscription, bill or purchase.

Advantages of account-to-account payments

Powered by Open Banking and the numerous opportunities it raises, A2A have great advantages for both customers and merchants. Here are some of these advantages:

Frictionless experience

Customer can make a A2A payment without needing to add extra personal information or card details. A2A payments are also direct and require no intermediaries, making it much faster and easier to transfer money. This translates into a frictionless payment experience for customers, who are already expecting a fast and effective experience when paying out.

Lower costs

A2A payments are processed through national clearing systems, such as the BACS system in the UK. Because there are no other players involved in the payment processing, such as gateways and PSPs, A2A payments incur less fees than, for example, card payments. The inexpensiveness of A2A payments are a great advantage for merchants, who can lower their costs and keep a higher percentage of their sales.

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Meeting customer needs

Customer demand has shifted towards more convenient alternatives. In the UK, over two-thirds of adults used online banking for their regular banking activities in 2020 (UK Finance report). Not only are customers looking for less time-consuming and simpler ways to pay, they are also increasingly concerned with security. The versatility and ease of A2A payments could meet a lot of what customers are looking for.

How Imburse can help

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.

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Die Vereinfachung der Zahlungsintegration für Corporates

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Endkunden sind es durch jahrelange Erfahrungen im Onlinehandel gewohnt, komfortable Bezahlverfahren wie Kreditkarten, PayPal oder Apple Pay zu nutzen. Diese Kundenerwartung dehnt sich auch auf die Versicherungsbranche aus. Die Integration verschiedener Zahlungsmethoden bringt jedoch einige Herausforderungen mit sich die es zu bewältigen gibt. In dem heutigen Artikel stellt das FinTech Imburse vor wie Versicherungen die Zahlungsintegration mit Payments Middleware Plattform vereinfachen können, um damit den spezifischen Kundenbedürfnissen gerecht zu werden.

Die digitale Transformation beschäftigt aktuell nahezu alle Branchen. Die Investitionen in die digitale Transformation werden bis 2023 voraussichtlich 6,8 Billionen US-​Dollar erreichen (IDC-​Bericht). Das Thema Digitalisierung wurde auch von großen Versicherern und Finanzdienstleistern aufgegriffen, die sich neben einer Neuausrichtung ihrer Geschäftsmodelle auch stark auf die Verbesserung der Kundenerfahrung, die Einführung neuer Produkte und die Modernisierung ihrer Systeme und Prozesse konzentrieren. Der Zahlungsverkehr ist dabei eine Kernkompetenz, die in all diesen Bereichen zum Tragen kommt. Das langsame Tempo in den Unternehmen und die sich schnell ändernden Kundenpräferenzen erhöhen den Druck, sich schnell weiterzuentwickeln und anzupassen. Es existieren jedoch mehrere Hindernisse, die Unternehmen daran hindern, die Digitalisierung und Modernisierung wirklich umzusetzen. Eines dieser Hindernisse liegt in der Schwierigkeit, die Zahlungsanforderungen des Unternehmens flexibel zu verwalten und zu erfüllen.

Unternehmen geben bis zu 7 % ihres Jahresumsatzes für Zahlungen aus, einschließlich der Gebühren für die Zahlungsabwicklung. Was wäre, wenn wir bis zu 40 % dieser Kosten einsparen und gleichzeitig den Umsatz steigern könnten?

[Oliver Werneyer, CEO Imburse]

Die Zahlungspräferenzen der Kunden sind sehr unterschiedlich und hängen von Faktoren wie Alter, Standort, Produkt und Erreichbarkeit ab. So ist zum Beispiel die Kreditkarte die bevorzugte Zahlungsmethode für ältere Generationen, während junge Verbraucher lieber alternative Zahlungsmethoden nutzen, um Geld zu erhalten. Um ein optimales Zahlungserlebnis zu bieten und den spezifischen Kundenbedürfnissen gerecht zu werden, sollten die Versicherer eine breite Palette von Zahlungsmethoden anbieten.

 

Die Herausforderung in der Integration mehrerer Zahlungsmethoden

Die Integration eines einzigen Zahlungsanbieter bedeutet, dass Versicherer und Finanzdienstleister in ihren Möglichkeiten sehr eingeschränkt sind. Sie sind  auf die Zahlungsarten beschränkt die ihnen der Zahlungsanbieter anbietet und haben nur begrenzte Möglichkeiten ihr Angebot zu erweitern oder zu erneuern. Um die individuellen Bedürfnisse der Kunden in verschiedenen Märkten erfüllen zu können, können Versicherer daher mehrere Zahlungsanbieter integrieren und verbinden, um eine Vielzahl von Zahlungsmethoden und die notwendigen Funktionen anbieten zu können. Die Integration mehrerer Zahlungsanbieter ist jedoch eine komplexe, ressourcenintensive und langwierige Angelegenheit, die Unternehmen aktiv zu vermeiden versuchen. Langsame Integrationen hindern Unternehmen daran, Optionen anzubieten, die den Kundenerwartungen entsprechen, und bremsen Innovationen aus.

 

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Neben langen Lieferzeiten bringen diese Integrationen ein hohes Maß an Komplexität im Zahlungsverkehr mit sich. Der Zahlungsverkehr ist für jedes Unternehmen von entscheidender Bedeutung, wird aber kaum als Kernkompetenz angesehen. Dies führt zu einem deutlichen Defizit an Fachwissen im Zahlungsverkehr und zu unzureichenden internen Ressourcen, um die Zahlungsverkehrsfunktionen intern zu verwalten. Dies zwingt Unternehmen dazu, teure Spezialressourcen für den Zahlungsverkehr einzukaufen, was aber nicht der einzige Kostentreiber bei der Integration ist.

Nach Angaben von Imburse kostet die Integration eines neuen Zahlungsdienstleisters ein Unternehmen durchschnittlich 200.000 bis 300.000 € und kann leicht 4 bis 12 Monate in Anspruch nehmen. Der Mangel an Zeit und Ressourcen, sowie die hohen Kosten, zwingen Unternehmen dazu, Kompromisse einzugehen und sich in der Regel für einen einzigen Zahlungsanbieter zu entscheiden. Dies schränkt ihre Fähigkeit ein die Kundenerwartungen zu erfüllen, hindert sie daran eine erstklassige Kundenerfahrung zu bieten und hemmt die betrieblichen Effizienzsteigerungen. Es liegt zudem in der Natur des Zahlungsverkehrs, dass es für Unternehmen sehr schwierig ist, lokale oder geografisch spezifische Zahlungslösungen anzubieten.

 

Die Herausforderungen der Zahlungsdigitalisierung

Leider endet die Komplexität der Digitalisierung des Zahlungsverkehrs nicht mit der Integration verschiedener Anbieter. Allein der Betrieb und die Wartung der Zahlungsverkehrsinfrastruktur sind mit großen Hürden und hohen Kosten für alle Unternehmensfunktionen verbunden. So ist bereits die Wartung des Zahlungssystems für die operativen Betriebsteams sehr ressourcenintensiv. Die manuelle Berichterstellung ist eine mühsame und zeitaufwändige Aufgabe, die viele Ressourcen erfordert. Die fehlende Transparenz der Transaktionsdetails erschwert die Nachverfolgung von Zahlungen, was zu potenziellen Verzögerungen und einer höheren Fehlertoleranz führt. Ein vollständig digitalisiertes Berichts-​ und Transaktionsüberwachungssystem ermöglicht es den Finanzteams, die volle Kontrolle über ihre Daten zu behalten und leichter auf auftretende Zahlungsprobleme zu reagieren.

Verschiedene andere Aspekte, mit denen sich die Versicherer schwertun, sind unter anderem:

  • Einführung neuer Produkte: Die Ausweitung des bestehenden Produktangebots oder die Einführung neuer Lösungen, um mehr Kunden zu gewinnen und die Einnahmen zu steigern, ist in der Regel mit einem erheblichen Ressourcenbedarf verbunden
  • Verbessern der Kundenerfahrung: Das Übertreffen von Kundenerwartungen und die Bereitstellung erstklassiger Kundenerfahrungen zur Maximierung der Kundenwertwahrnehmung ist angesichts der Auswirkungen auf die internen Ressourcen und des mangelnden Zugangs zu den richtigen Fachkenntnissen schwer zu realisieren.
  • Redundanz und Verlässlichkeit: Aufteilung des Risikos auf mehrere PSPs, um Ausfallzeiten zu vermeiden und SLAs zu verwalten
  • Geografische Expansion: Notwendigkeit, auf neue Märkte zu expandieren oder inländische Abwicklungsanforderungen zu erfüllen, die die derzeitigen Zahlungsanbieter nicht erfüllen können
  • Anwendungsfälle für Zahlungen: Verwaltung einer Vielzahl von Zahlungsvorgängen, die mit dem bestehenden PSP nicht möglich sind (Einzahlung, Auszahlung, Treue, Schecks, SWIFT usw.)
  • Operative Effizienz: Schwierigkeiten bei der Bewältigung des hohen operativen Aufwands für die Zahlungs-​ und Finanzoperationen.
  • Einhaltung von Vorschriften und Daten: Speicherung und Sicherung von Daten über Länder und Regionen hinweg bei gleichzeitiger Einhaltung von Zahlungsverkehrs-​ und Datenschutzbestimmungen
  • Interoperabilität des Kernstapels: Interoperabilität von Zahlungsmöglichkeiten und Kundenoptionen mit Kernsystemen

 

Die Lösung – Payments Middleware Plattform

Um großen Unternehmen dabei zu helfen, Zeit und Geld bei der Bewältigung dieser komplexen Aufgaben zu sparen, hat sich eine neue Kategorie von Zahlungslösungen entwickelt: die Payment Middleware Plattform (PMP).

Mit einer Payments Middleware Plattform können Unternehmen über eine einzige API-​Integration auf jeden Zahlungsanbieter und jede Zahlungsmethode zugreifen – und dies für Inkasso & Exkasso. Dadurch müssen sie die exorbitanten Kosten und die Komplexität, die mit der Integration von Zahlungsanbietern verbunden sind, nicht internalisieren und können sich gleichzeitig auf ihre Kerntätigkeiten konzentrieren.  Abbildung 2 zeigt, wie ein großer Versicherer eine solche Plattform nicht nur zur Weiterleitung von Transaktionen an beliebige Zahlungsanbieter nutzen kann, sondern auch zur Koordinierung, Automatisierung und Optimierung anderer Aspekte im Zusammenhang mit Zahlungen, die mit der komplexen Unternehmensstruktur zusammenhängen (z. B. lokale Einheiten, Geschäftszweige). Dies reicht von der Personalisierung des Kunden-​Checkouts über Web-​Integrationen und mobile SDKs bis hin zur Optimierung von Backend-​Prozessen mit einer einheitlichen Berichtsquelle, Analyse-​Suite und Workflow-​Engine.

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Mit einer Middleware-​Plattform für den Zahlungsverkehr wie Imburse können große Versicherer und Finanzdienstleistungsunternehmen ihr Geschäft zukunftssicher machen und von den folgenden Vorteilen profitieren:

 

Nahtlose Zahlungserfahrung

Die Kundenbedürfnisse unterscheiden sich während der gesamten Customer Journey und in den verschiedenen Kundensegmenten. Unternehmen müssen in der Lage sein, jede beliebige Zahlungstechnologie anzubieten und sie nahtlos in die Customer Journey einzubetten, sowohl für das Inkasso als auch für die Auszahlung. Durch eine einzige Verbindung zu einer Payments Middleware Plattform können Unternehmen jede Zahlungsmethode anbieten und verarbeiten und somit ihren Kunden ein reibungsloses Zahlungserlebnis bieten.

 

Geschäftsflexibilität und schnelle Markteinführung

Entlang der Abschlussstrecke eines Produkts angebotene Zahlungsmethoden sind je nach Markt unterschiedlich stark gefragt. Auch werden nicht alle Zahlungsmethoden von jedem Zahlungsanbieter offeriert. Zahlungsanbieter innerhalb von Minuten und nicht Monaten hinzuzufügen oder zu wechseln um auf sich rasch ändernde Marktnachfragen reagieren zu können adressiert diese Herausforderung. Eine Payments Middleware Plattform ermöglicht es Unternehmen, schnell zu reagieren, die verfügbaren Zahlungsoptionen entsprechend den Präferenzen ihrer Kunden zu ändern und das Risiko von Umsatzeinbußen aufgrund von Ausfallzeiten des Anbieters zu minimieren. Da die Unternehmen nur einmal eine Verbindung herstellen müssen, können sie schnell neue Versicherungsprodukte einführen oder neue Kundensegmente ansprechen, da alle relevanten Zahlungsanbieter sofort verfügbar sind.

 

Geringere IT-​Kosten

Durch die Anbindung an das Zahlungsverkehrsökosystem über eine Payments Middleware Plattform können Unternehmen die Gesamtbetriebskosten für den Zahlungsverkehr um mindestens 40 % senken, was zu erheblichen Einsparungen und zur Freisetzung von Ressourcen in den IT-, Betriebs-​ und Zahlungsteams führt (Quelle: Imburse). Payments Middleware-​Plattformen wie Imburse verfügen über eine einzige Zahlungs-​API und eine einheitliche Schnittstelle für den Check-​Out. Somit können Unternehmen die neuen Zahlungsoptionen einfach und schnell anpassen und integrieren. Mit einer Payments Middleware Plattform können sich globale Unternehmen zukunftssicher machen, indem sie gesetzliche Rahmenbedingungen wie PCI DSS und ISO20022 einhalten und neue Technologien wie 3DS2.0 und Open Banking ohne zusätzliche Kosten oder Aufwand einführen.

 

Operative Effizienz

Durch die Integration mit einer Payments Middleware Plattform können Unternehmen ihre internen Ressourcen effizienter einsetzen und sich auf ihre Kerngeschäftsaktivitäten konzentrieren. Versicherungs-​ und Finanzdienstleistungsunternehmen können Einsparungen bei der Prozesseffizienz erzielen, indem sie das einheitliche Transaktionsreporting der Payments Middleware Plattform über alle Zahlungsmethoden hinweg nutzen und so den Aufwand für das Transaktionsreporting und den Abgleich offener Posten erleichtern. Durch die Anbindung über eine Payments Middleware Plattform sind große Unternehmen nicht mehr an einen einzigen Zahlungsanbieter gebunden. Sie können neue Zahlungsmethoden einführen, Gutscheine als Auszahlungen anbieten oder neue Zahlungsanbieter einbinden, um die Gebühren zu senken, ohne große Integrationsprojekte durchführen zu müssen.

Die Bedeutung des Zahlungsverkehrs als wichtiger Werttreiber für Versicherungen kann nicht unterschätzt werden. Er ist für jedes Unternehmen von zentraler Bedeutung, unterstützt er doch bei Kosteneinsparungen, der Markteinführung neuer Produkte bis hin zur Umsetzung neuer Innovationen . Die Integration eines strategischen Technologiepartners kann hierbei die Integration mehrerer Zahlungsanbieter vermeiden. Payments Middleware Plattformen konzentrieren sich darauf, die Anbindung von Unternehmen an das globale Zahlungsverkehrsökosystem für In- und Exkasso zu vereinfachen. Der Zahlungsverkehr wird so zum Enabler neuer Innovationen und einem wichtigen Werttreiber für das Unternehmen.

An diesem Artikel haben mitgewirkt: Ewoud Clerkx (Imburse), Michael Sharp (Imburse), Shaul Lifshitz (Imburse), Thomas Haas (msg GillardonBSM), Jan Haas (msg GillardonBSM).

Mehr Informationen zu Imburse findest du auf: https://www.imbursepayments.com/

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How to streamline claims operations

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By Mariana Almeida Marques

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Insurers face increasing pressure to optimise and simplify their claims operations systems. The digitalisation boost and the rise of InsurTechs across the globe puts traditional insurers in a complicated position with only one way forward: to rapidly change how they pay out to customers. In this article, we discuss some of the ways in which insurance companies can streamline their claims operations to meet and exceed customer expectations.

 

Update and define your strategy

There is a long way between verifying a claim, settling it and paying out to customers. This complex process is also very much paper-based and highly dependent on human resources. So, before deploying new technology, is it worth looking at the actual changes that you want to put in place. Accurate documentation of instructions and best practices serves as a backbone that your teams will be able to rely on whenever they are handling claims.

Standardized processes mean that every customer claim will be dealt with in a similar way, so there is less room for error. It also generates consistency across departments, making claims handling more predictable and easier to manage. So, when updating your strategy, ensure that all your documentation is accurate and descriptive, and that it is shared with everyone in the team. It is also crucial that these documents are easily accessible to all team members.

[/et_pb_text]Mandates are agreements in which customers authorise merchants to set up Direct Debits.[et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”]

 

Deploy the right technology

Deploying new technology is the not-so-secret ingredient that makes businesses in every industry flourish. It also isn’t an option anymore, but rather a condition to thrive in a market that is increasingly digitalised and automated. However, the trick isn’t to simply deploy the latest technology available, but to deploy the technology that truly suits business’s needs.

Having the right technology tools that can integrate with other systems will facilitate the storage and accessibility of information. Being able to receive and update data in real time also enables insurers to act faster and ensure accuracy. Lastly, strong analytics and reporting tools are key to making more informed decisions. These are some of the crucial factors to consider when deploying new technology for your claims management system.

 

Focus on payment delivery

Payments is a critical component of the claims journey, and one that is often neglected. Aside from a smooth and simple claim handling process, customers want to get paid quickly and in their preferred payment methods. A paper cheque, for instance, is bound to make customers unsatisfied with the claims resolution, as it is much more impractical than other digital methods. Therefore, it is important to consider how you can update your payment offering taking into account your customers’ particularities (for instance, their locations).

[/et_pb_text]Insurers must be able to offer a wide variety of payment methods.[et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” inline_fonts=”Lato”]

Ideally, you should be able to offer a wide range of payment methods that cover all of your customers needs. Connecting to a SaaS provider like Imburse will allow you to deploy any payment provider and method in any market. This means that you can not only exceed customer expectations and provide them with an optimal payment experience, but also have the flexibility to change providers whenever the business needs.

 

How Imburse can help

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.

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What are Push-to-Card payments?

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By Mariana Almeida Marques

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Push-to-Card payments are widely used to move money instantly from one card to another. Even though this payment type is already popular both within Peer-to-Peer (P2P) and Business-to-Consumer (B2C) transactions, the term “Push-to-Card” may be new to some. In this article, we discuss what is Push-to-Card, its usages and advantages.  

 

Push-to-Card definition

Push-to-Card refers to a payment initiated by the payer. It is a payment solution that allows a cardholder to actively send or “push” money to another cardholder. Push-to-Card is the opposite of pull payments, a payment type in which funds are pulled from account to the other. Pull payments are initiated by the payee, who is authorised to collect or “pull” money from other account to his own account. In this case, the payers don’t move the funds themselves, and the money is taken out of their accounts automatically. A good example of pull payments is Direct Debit, where customers authorise a company to remove money from their accounts automatically on an ongoing basis.  

In Push-to-Card, payers actively push their money to another card. This payment type is most commonly used for Peer-to-Peer (P2P) payments, but it can also be used for disbursements. Money is transferred through card networks such as Visa and Mastercard, using only their credit or debit card numbers.

[/et_pb_text]Payment references are important for companies to match the payment with the customer account.[et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”]

Push-to-card transactions are essentially sent through the card networks in reverse, from the sender (in case of disbursements to the merchant) through their acquiring bank or payment service provider to the customer’s issuing bank, in real time. As a result, customers have instant access to the funds in their account. Both Visa and Mastercard offer push-to-card services (Mastercard Send and Visa Direct programs).

 

Advantages of Push-to-Card payments

Push-to-Card payments are extremely simple and practical. Firstly, payers only need the payee’s card details to initiate the payment. Secondly, the payment is settled in real-time, faster than a traditional bank-to-bank transfer. This makes it highly convenient not only to pay to peers, but also to receive disbursements from companies. Insurers in particular can really benefit from Push-to-Card payments, because it is a much faster and easier way to pay out claims to their customers.

Bank-to-bank transfers, although still a popular way to pay out to customers, may take a few working days to be processed. Push-to-Card enables customers to receive their payments instantly and have the funds immediately available in their wallets. Depending on the situation that your customers are in, the immediacy of funds may make all the difference, and turn a stressed customer into a satisfied one.

[/et_pb_text]BNPL services let customers pay later for their purchases.[et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” inline_fonts=”Lato”]

 

How Imburse can help

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.

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APIs vs Webhooks: what are the differences?

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By Mariana Almeida Marques

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Both APIs and Webhooks serve the general purpose of facilitating communication between software. They enable two applications to connect with each other and share data, which is crucial for businesses to improve their services and innovate. However, APIs and Webhooks have their unique particularities and are used in different occasions. In this article, we will dive into the differences between APIs and Webhooks, their definitions and how they are used.

 

What is an API?

APIs, or Application Programme Interfaces, work as request-based intermediaries that enable communication between two applications. This allows companies to share data with third-parties, partners or customers. It also allows developers to work on other software and make use of its functionalities without having to actually code it.   

In order to request data from other application, you need access to an API key which is given to you by the third-party. Once you have the API key, you can make an API request or call. If all details are correct, the API will push the information from the web server and bring it back to you. There are various types of API keys depending on what information and software you plan to access. Have a look at our previous article if you want to learn what are APIs and how they work in more detail, and get other real-world examples of its usages.  

APIs are typically used when there are constant changes in data and you need to update your data regularly. Unlike webhooks, which only work based on events, APIs require a manual request. So, if you only need a particular result or piece of information, you would use an API to retrieve it.     

[/et_pb_text]Cloud computing can help companies reduce costs.[et_pb_text admin_label=”Text” _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”]

 

What is a Webhook?

A webhook is an event-based intermediary that enable communication between two applications. As you can see, the general purpose between an API and webhook is the same: to connect applications and enable them to share information. However, webhooks are event-based so, unlike APIs, you don’t need to manually make a request. Instead, you set up an event and every time that event occurs, the webhook is triggered.

A simple example of how webhooks work can be seeing in automated email notifications. For instance, when you sign up to a website, you often get a confirmation email with all the details. The webhook was triggered by an event (signing up to a website), and the email was sent automatically. Webhooks make communication between enterprises and customers much easier. Because they are automated and respond in real-time, webhooks can also save companies time and resources. They are often used to retrieve smaller data.

 

Main differences between an API and a Webhook

The main difference between an API and a webhook is in how they operate. An API is request-based, and a webhook is event-based. This means that APIs are triggered by a specific request from one server, whilst webhooks are triggered by a particular event.

[/et_pb_text]online payment systems[et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” inline_fonts=”Lato”]

To use a real-life analogy, think of making an order at a restaurant. After seeing the menu, you make your order with the waiter. The waiter is responsible for communicating your order with the kitchen, and bringing back what you have ordered. In this case, the waiter represents the API, because it is the intermediator between you and the kitchen. You also had to specifically request what you wanted, so this was request-based.

Imagine now that you have been going to the same restaurant and ordering the same meal for a long time. When you come in, the waiter already knows what you want and immediately communicates your request with the kitchen. This sharing of information was event-based, and it was triggered by a specific event that occurred: you coming in the restaurant. So, in this case, the waiter represents the webhook.    

 

How Imburse can help

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.

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Payment trends for 2022

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By Mariana Almeida Marques

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A lot has changed in the payments industry over the past years. Digitalisation and changes in customer behaviour are still the key drivers of this ongoing industry transformation. With enterprises becoming increasingly aware of the importance of keeping up with customer needs, watching out for trends and preparing for the future is the best way to keep ahead of the market.    In this article, we will define some of the biggest trends for the payments industry in 2022.

  • Embedded Finance

Embedded finance isn’t a new concept, but one that will become even more popular in 2022. Essentially, embedded finance refers to any non-financial company that also sells finance products or services within their product offering. A good example of embedded finance is the “Buy Now Pay Later” system, which enables customers to pay for their products in instalments rather than making a one-off payment. The rise of ecommerce played a crucial role in augmenting this concept, which is now being adopted by increasingly more industries.

Embedded finance is made possible through partnerships between institutions and the use of Software-as-a-Service. Non-financial companies will use APIs from banks or other Fintech companies to be able to embed these finance solutions into their own solutions.

 

  • Partnerships

Partnerships between financial institutions and innovative Fintechs have unmeasurable advantages for both parties, and for customers too. The proliferation of the APIs made it a lot easier to integrate third-party software into already built systems. This ease, along with the urgent need for traditional financial companies to innovate, has generated a huge buzz around partnerships.

For once, these partnerships enable traditional companies to offer their customers the cutting-edge technology that they are expecting to see. Not only that, the use of third-party software means that companies don’t have to spend any time, resources and money into building products from scratch. They can easily integrate existing ones into their systems and focus on their core business propositions, whilst benefiting from the technology needed to meet customer demand.

Large financial corporations like Bank of America, Wells Fargo and Barclays have all partnered with innovative start-ups to offer better customer experiences across various fields. This trend is bound to continue in 2022 and the years to come.

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  • Cross-border payments

International payments have risen tremendously during the Covid-19 pandemic, and show no signs of slowing down. With more people having the opportunity to work remotely, wherever they want, companies have partners, suppliers, clients and employees spread across the world. Cross-border payments have become as popular as any other bank-to-bank transfer.

This also means that international payments need to be as fast, cheap and convenient as any other payment type. Deploying the right providers and technologies is essential in delivering cross-border payments in real-time whilst causing no friction in the payments experience.

 

  • Rise of crypto

Not too long ago, crypto was seen as a confusing and untouchable industry. However, in 2021, blockchain technologies have boomed extraordinarily and there are more and more players interested in getting a piece of the crypto pie. Large players like PayPal, for instance, are accepting digital currencies and enabling this phenomenon to become mainstream.

In 2022, we will likely see more businesses centred around crypto and its infrastructure, along with more merchants allowing their customers to use their digital crypto wallets to make purchases. However, cryptocurrencies still face highly worrying issues, particularly around regulatory compliance. The unnavigated world of crypto and the uncertainty that comes with it may slow down its adoption by customers.

[/et_pb_text]Payment links[et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” inline_fonts=”Lato”]

 

  • Mobile wallets

Mobile wallets are not a trend anymore. In fact, according to UK Finance, there are now 17 million people in the UK using mobile wallets to make purchases. The limit for contactless payments has recently risen from £45 to £100, which shows that the world is becoming cashless, and that mobile wallets are the next big payment method. The usage of mobile phones and other electronic devices to make purchases is likely to grow in 2022 and in years to come. Therefore, it is important to consider offering this payment method to your customers, regardless of the industry your business operates in.

How Imburse can help

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.

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What is multi-tenant architecture?

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By Mariana Almeida Marques

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Multi-tenancy makes it a lot more practical for companies and individuals to access software without having to build it from scratch or maintain it. It is a great benefit of cloud-computing, particularly useful for large enterprises that either serve different clients bases or have multiple lines of business to manage. In this article, we explain the meaning of multi-tenant architecture, its usages and benefits for companies.

What is multi-tenant architecture?

Multi-tenant architecture enables multiple partners to access the same computing resources. This means that a single server and applications can be shared by various tenants. The term “tenant” is broadly used to categorise clients, business areas, teams or business partners that has access to the architecture in question. Even though these tenants share the same software resources, their data is kept private, so they aren’t able to access other tenants’ information.

A practical example of multi-tenancy can be found in the banking industry. Each bank has a number of customers with their own accounts. Even though their details are stored in the same database, customers are only able to access their own accounts. They can’t interact with each other or even see who else has an account with their bank.

The same happens in multi-tenancy, where separate entities have access to the same software resources, but they operate independently and are isolated from each other. Multi-tenancy architecture is a component of cloud-based software. You can have a look at our previous article if you are interested in learning more about cloud computing and its benefits for enterprises. When operating a multi-tenancy architecture and dealing with various partners and providers, a vendor management tool may be beneficial.

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Single-tenant vs multi-tenant architecture

Single-tenancy means that a server can only be used by one entity. The whole architecture is controlled by a single tenant, giving them more freedom to manage and change its environment. Consider a small company that only has one line of business and operates exclusively in the UK. They may not need a multi-tenant architecture in order to optimise operations.

However, large enterprises have multiple lines of business in different sectors and different countries. Each line of business is unique and has different requirements. This calls for a multi-tenancy architecture where companies can better manage all their affiliates whilst providing them with the software resources they need.

Advantages of multi-tenant architecture

Multi-tenant cloud-based architecture can be less expensive because companies only use and pay for the technology that they need, when they need it. Alongside that, assuming that you partner with a SaaS provider and use third-party technology (and not your own), you don’t have to maintain or update the actual hardware. This reduces your costs and frees up your human resources.

Perhaps more obvious is the fact that multi-tenant architecture enables large enterprises to use the same technology for various business areas or partners. This means that companies don’t have to use one machine for each tenant and potentially waste resources. By sharing the same architecture with all tenants or business areas, companies are making better use of its resources.

Aside from the cost-effectiveness factor, multi-tenancies allow enterprises to provide a uniform yet personalised experience to its affiliates or partners. With Imburse, the onboarding and management of multi-tenancies is a seamless process. Enterprises also gain access to invaluable payment expertise, and the flexibility to accommodate the individual needs of all partners and affiliates, all whilst optimising their operations.

In some cases, there may also be some disadvantages to using multi-tenancy architecture. For instance, if one tenant is using a lot of computing power, that may slow down other tenants. This shouldn’t happen if the software was properly set up. For regulatory compliance purposes, some companies may not be able to store data and work within a shared environment. However, cloud-based software is rigorously protected and completely safe, so security shouldn’t be a concern.

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Multi-tenancy usages and examples

Large companies that operate in different parts of the world and have multiple lines of businesses (departments or teams focused on a particular business area) need a multi-tenancy architecture to work on. This includes banks, insurers and software providers, amongst others. Think of companies such as Salesforce and HubSpot, for instance. These companies have a single database that is shared amongst all users. However, users don’t know about each other and can’t access each other’s information. They are also able to customise parts of their data, such as visual themes, but they can’t change the core infrastructure.

By connecting to Imburse, you can fully support all your lines of business without having to worry about system integrations or reporting structures. This enables you to streamline operations and to ensure that each business area has the tools that it needs to deliver a great payment experience to its customers. You also get a white-label component that enables each line of business to customise its own platform and adapt to specific customer needs. For instance, a line of business operating in the US benefits from integrating to Venmo, and a line of business operating in the UK benefits from connecting to BACS. It’s crucial that these specific needs are covered in order to exceed customer expectations.

How Imburse can help

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.

 

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What is a pre-paid card?

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By Mariana Almeida Marques

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Pre-paid cards can be compared to gift cards or pay-as-you-go mobile phone deals. When you choose pay-as-you-go, you need to top up the card every time you want to use it, with whatever amount you choose. Your pre-paid card works exactly like that- once topped up with a certain amount, you can use it to pay for goods just like you would use a debit or credit card for. If you want to continue paying with that card, you need to top it up online, at an ATM machine or at a physical shop.

There are virtual and physical pre-paid cards, and customers may be able to choose the type of card they prefer. Note that if you request a physical card, you may have to pay a small fee for the production and delivery of the card, which will be taken out from your available funds. Customers can get a pre-paid card at a retailer, bank or other financial services provider. They can be used with any merchant that accepts its credit card network, such as Visa or Mastercard.

Pre-paid card features and considerations

  • Fixed funds

Unlike debit cards, pre-paid cards aren’t linked to a bank account, so the funds you have there won’t fluctuate. There is a fixed amount that you can spend and, if you try to purchase a product and don’t have enough funds on the card, the payment will be declined. You need to top up the card if you would like to use it for more purchases.

  • Amount limits

Pre-paid cards may impose a fixed limit on how much you can spend daily, how much you can withdraw from an ATM machine and how much you can load into your card. All of these limits vary widely depending on the card types, so you need to check the features of the pre-paid cards on an individual basis. Usually, spending limits are around the £5.000 mark, ATM withdrawal limits are between £500 to £1000 and top-up limits are up to £10.000.

[/et_pb_text]E-wallets enable users to pay with their mobile phones.[et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” hover_enabled=”0″ header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone” sticky_enabled=”0″]

  • Expiration dates

Pre-paid cards usually have shorter validity periods, which vary between 1 to 3 years. Pre-paid card holders must keep this in mind and either use the funds before the card expires, or request your card to be reissued so you can keep your funds. Even if your pre-paid card expires, your funds don’t, so you don’t have to worry about losing money.

  • Extra fees

There are quite a lot of fees involved with getting and managing pre-paid cards, including card application fees, monthly or annual service fees, and cancellation or replacement fees. You may also want to check for additional fees for ATM withdrawals, purchases and foreign transactions. Altogether, these fees can add up to daunting values. However, most pre-paid cards offer a lot of these features for free. It is crucial that you check the features of your pre-paid card before applying for one or using it.   

 

Advantages and disadvantages of pre-paid cards

One of the great advantages of pre-paid cards is the convenience that they offer. This is particularly true for companies that need to pay out to their customers in a fast and efficient way. Customers are expecting a quick claim resolution, and want to have their funds available as soon as possible. Whilst bank transfers may take a few days to settle, pre-paid cards can be issued and topped up instantly. They are also widely accepted by merchants, so your customers can use them to purchase whatever they need.

Pre-paid cards are also safer than carrying cash and make it easier to track expenses, as they have a limited credit and need to be manually topped up. Some cards also offer cashback on every purchase or at selected retailers. There is a wide range of prepaid cards available, so customers and companies can choose the most suitable ones for them.

[/et_pb_text]BNPL services let customers pay later for their purchases.[et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” inline_fonts=”Lato”]

The most worrying aspect of pre-paid cards is the charges. Whilst some pre-paid cards may have very limited fees, others have fees for anything you can think of, including using your card too frequently or not frequently enough, checking your balance or even contacting customer support. Therefore, it is extremely important to double check the small letters this before ordering or using your pre-paid card. Another disadvantage that pre-paid card holders may find is that some online merchants may not accept your pre-paid card, even if its card network is Visa or Mastercard. This is another aspect to keep in mind when making purchases.

 

How Imburse can help

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.

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What are SWIFT payments?

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By Mariana Almeida Marques

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Sending money overseas is as simple as any other transfer. The ease and accuracy of international transfers is due to SWIFT, a messaging network that connects banks and financial institutions across the globe. In this article, we discuss what is the SWIFT network and answer some of the most common questions regarding SWIFT payments.   

 

What are SWIFT payments?

SWIFT payments are payments sent through the SWIFT network. Short for Society for Worldwide Interbank Financial Telecommunications, SWIFT is a messaging network used to process international bank-to-bank transfers. Note that this network does not actually process payments nor does it hold funds. Instead, it is responsible for transmitting payment messages and instructions between banks, which used to facilitate the transfer of funds.  

SWIFT is based in Belgium and overseen by the National Bank of Belgium (NBB), along with G-10 central banks. The network counts with over 11.000 member institutions based in 212 different countries, who used SWIFT to send over 35 million payments per day in 2020. These member institutions include banks, money brokers, clearing systems and enterprises.  

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How does SWIFT work?

SWIFT is a messaging system used to ensure an accurate and seamless transfer of funds between countries. It assigns a SWIFT code to each financial organisation, that is composed by:

  • Four digits for the financial organisation code
  • Two characters for the country code
  • Two characters for the city code
  • Three characters for local branches (this is optional, so financial organisations may choose to add a different identifier here)

SWIFT codes can also be called BIC (Bank Identifier Code), SWIFT ID or ISO 9362 code. This code can be found online, by adding your bank’s name and your own account number and sort code. You may also find it in your own online account.

In order to make a SWIFT transfers, payers will have to insert this SWIFT code, along with the information below so that the transfer can be routed correctly.

 

What information do you need to provide for a SWIFT payment?

To make a transfer using SWIFT, senders need to provide the name of the recipient, their address, the name and address of the acquiring bank (recipient’s bank), the SWIFT code of the bank (also named BIC) and the recipient’s account number or IBAN. These details will be used to track the payment and ensure that it arrives safely in the correct account. Note that SWIFT codes only identify the acquiring bank, and not the individual customer. Hence, senders need to provide account identifiers such as the IBAN. Customers can find these numbers by logging in to their account portals online, via the banks’ app, or by visiting a physical branch.  

 

How long does a SWIFT payment takes to be processed?

SWIFT payments aren’t instant. They may take between 1 to 5 working days on average. The transfer times may vary slightly depending on the countries’ time differences, the currencies and the banks themselves. For instance, if there is no direct connection between your bank and the acquiring bank (assuming you are the payer), SWIFT may use an intermediary bank and take longer than usual to route the money.

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What are the transfer limits for SWIFT?

Opposed to other networks, SWIFT does not have any transfer limits. You can send as much or as little money as you would like, provided that you have enough funds in your bank account to cover fee costs. Note that fees are usually non-refundable.

 

How much does SWIFT cost?

SWIFT payments incur a charge of around 3 to 4% of the total transfer, which includes admin costs and currency conversions. These charges may differ depending on the banks and currencies in question. The issuing and acquiring bank may also request a fixed fee for the transfer, which may total around €10 to €40. If you see a fee of this range, your bank is likely to be using SWIFT to make the payment.

 

How Imburse can help

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.

 

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