Dream Payments and Mastercard speed up insurance payouts
Dream Payments and Mastercard team up
Cloud-based payments platform Dream Payments has teamed up with Mastercard. The two payments players will leverage Mastercard Send to help insurance policyholders receive payments faster into any account, reports Julie Muhn at Finovate.
Mastercard Send, a global push payments platform, facilitates local and cross-border money delivery in near real-time. Integrating with the Dream Payments Hub will create a scalable way to digitise and automate the disbursement of insurance claims, the two companies say. By removing the need to sort and mail physical cheques, the integration ultimately increases the speed and efficiency of digital payouts into the customer’s preferred debit card account, they add.
Piloting this is Northbridge Financial, which will be the first insurance provider in Canada to use the Mastercard Send platform through the Dream Payments Hub. “Our claims experience is the moment of truth when it comes to the promise we make to our customers,” says George Halkiotis, EVP of claims for Northbridge Financial. “We know that waiting for and depositing cheques are key pain points and we’re excited be able to deliver a better, faster claims experience that helps make things right for our customers as quickly as possible.”
With operations in Stamford, Connecticut, Dream Payments helps SMEs accept all payment types. In addition to ties with Quickbooks and First Data, the company also counts TD Merchant Solutions and Chase Paymentech in its partnership ecosystem.
Dream Payments was founded in 2014 and has raised $14.9 million. Brent Ho-Young is CEO.
