Citi Prepaid Services has partnered with Enservio, a provider of software, services and analytics to property insurers, to offer prepaid cards to insurance carriers.
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Under the deal, Citi Prepaid Services will provide custom designed prepaid cards for Enservio.
Enservio’s ReStore Payments platform already offers policyholders a variety of options from cards to electronic fund transfers that deliver claim payments.
Designed to target the insurance market, the platform will increase claim efficiency and enhance customer satisfaction while making payments.
The platform delivers a patented multi-party activation mechanism that securely gains approvals from all payees before releasing funds across any form of electronic payment.
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By GlobalDataCiti Prepaid Services offers clients with electronic payment programs that reduce costs, boost operational efficiencies and provide an unmatched user experience.
Citi Prepaid Services global COO Deirdre Ives said: "We are excited to partner with Enservio to provide our prepaid cards to their flexible, innovative, and cost-effective payment solution for the insurance vertical."
Enservio SVP for strategy and business development Robert Chase said: "Bringing the Citi brand and its deep product capability set to the ReStore Payments platform allows major insurance carriers to deploy our solution with the full confidence that they already have in Citi as their financial partner."
