In 2020, $16.4 billion dollars were transacted via Deluxe Payment Exchange.
Help boost NPS and customer experience by providing fast, electronic claims payments and a choice of deposit methods for your claimants with Deluxe Payment Exchange.
OVERVIEW
Deluxe Payment Exchange is the first-of-its-kind solution that lets you digitize and automate the property and casualty claims payment experience, allowing you to deliver faster, flexible payment to policyholders and claimants when it matters most.
FEATURES & BENEFITS
Help boost NPS with a fully digital payment experience. As soon as claims are approved, payments can be issued by adjusters and received in seconds
Clients recover quicker from crisis receiving claims payments immediately in the manner they choose, via credit card, debit card, direct deposit (ACH), or printing eChecks.
Migrate claims payments from paper checks to digital without disrupting claims and accounting systems. Deluxe Payment Exchange seamlessly integrates with leading core insurance systems.
Deluxe Payment Exchange delivers and manages the most popular payment methods for claimants to choose from, while integrating seamlessly into insurance core systems and meeting unique carrier needs.
FACTS
Learn how to deliver policyholders immediate access to claims payments without changing the claims check process. Former Director of Payments at Deluxe, Tom Reuter, and industry expert Karen Furtado, discuss the digital transformation on insurance payments.
HOW IT WORKS
Via API, Deluxe Payment Exchange digitizes and sends payment and EOP to the claimant.
Solutions
Deliver claim payments faster using the technologies of Deluxe Payment Exchange and Prelude Software.
Request a free demo
Simply fill out the form and one of our experts will reach out to help you get started.
TESTIMONIALS
Our customers that select the eCheck option have been happy with the experience, and the cost savings is noticeable as well, since a paper check can cost us $5-$8 to issue."
Ariel Shmorak,
Vice President of Product , Shipsurance
RESOURCES
Insurance companies need to make payments based on the contractual agreements with claimants. To manage this payment disbursement process, insurance companies often use software and/or third-party providers to support the effort.
eChecks are a great tool to use for insurance payments. In Property and Casualty insurance scenarios, the claimant is often in need of a fast payment so they can quickly replace their car or fix their home.
Deluxe Payment Exchange payment notifications are sent via email – so eChecks can be issued immediately after the claim is approved for payment (no more waiting for the check in the mail). The claimant also has a choice in how to deposit funds. They can choose to print the check for in-bank or remote deposit, directly deposit to their bank account via ACH or opt for instant payment to a PayPal account.
The Automated Clearing House (ACH) network is an electronic, bank-to-bank money transfer process. It’s a batch processing system that banks and other financial institutions use to collect ACH transactions, processing usually happens multiple times each business day. ACH payments are often free (or a small cost) and quick, but you may run into transaction limits. ACH payments are not instant and typically take one business day to process, timing is dependent on a financial institution’s processing timeline.
