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July 11, 2019

Visa, Setoo and SafeCharge collaborate for faster insurance payouts

By Patrick Brusnahan

SafeCharge and Visa Direct, the Visa real-time push payments platform, have partnered to power faster insurance payouts for insurtech Setoo.

SafeCharge focuses on making meaningful payment innovation available as fast as possible. In addition, Visa Direct can be used for more efficient payments across a number of use cases, including cross-border payments and insurance disbursements.

Setoo is one of the first insurtechs to implement this technology. The merchant sends the payment instructions to SafeCharge, SafeCharge sends a single authorisation and a clearing message to Visa, and the issuer posts funds to the cardholder account on receipt of authorisation.

“Saving time, saving costs, saving efforts: today’s consumers are constantly looking for the best way to streamline operations and boost efficiency,” said David Avgi, CEO of SafeCharge. “At SafeCharge we believe that innovation is a key foundation stone to growth. We are constantly evolving to offer our customers the latest solutions in digital payment services. We are excited to collaborate with Visa in this journey to improve the payment experience.”

“Insurance payouts represent a great use case for Visa Direct, providing more efficiency for insurers and a smoother experience for beneficiaries,” said David Josephs, head of Visa Direct for Visa Europe. “Setoo is one of the companies leading the way for these types of payouts.”

“Nowadays, real-time delivery is a must when we buy goods and services. When it comes to disbursements and movement of money, expectations are exactly the same” explains Eyal Gluska, co-founder & co-CEO of Setoo.

“We are enabling our customers to deliver a new type of insurance experience, by removing the need for any claims process and providing real-time compensation. Visa Direct fits in perfectly with the quick, smooth disbursement we require.”

Setoo has a parametric insurance-as-a-service platform and operates as an MGA. It is approved by the FCA and recently announced a €8m funding round by Kamet.

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