Insurance industry payments network One Inc has collaborated with US Bank to facilitate a unified payment journey for property & casualty (P&C) and life insurers.
The alliance integrates US Bank’s banking capabilities with One Inc’s ClaimsPay and PremiumPay solutions.
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This is said to improve the complex claims and premium payment processes for mutual carrier customers.
One Inc’s Digital Wallet will enable insurance carriers to streamline payment processes across various channels, including credit/debit cards, Apple Pay, Google Pay, PayPal, Venmo, and ACH transactions.
The partnership is claimed to accelerate the adoption of instant payments within the insurance sector.
US Bank, which was involved in the first payment on the RTP Network and was a launch partner of the FedNow Service, will combine its instant payment capabilities with One Inc’s insurance-focused Digital Payments Network.
This integration will allow insurance carriers to offer payment solutions for outbound claims disbursements.
One Inc CEO Ian Drysdale said: “Both US Bank and One Inc are dedicated to elevating the insurance payment experience, making it simpler and more efficient for insurers and their policyholders.
“Together, we’re eager to empower carriers with streamlined solutions that support their financial objectives and deliver a more connected payment journey. This emphasises our strengths to modernise the insurance payment landscape while offering a unified platform for both incoming and outgoing payments.”
US Bank global treasury management strategy and emerging solutions head Mike Jorgensen said: “We’re excited to partner with One Inc, a technology leader delivering innovative solutions for insurance carriers nationwide.
“By bringing the payment capabilities of One Inc and US Bank, we can create even more value for our insurance clients and respond to the evolving needs of their policyholders.”
