17 Apr

Optal partners with Mastercard to streamline B2B insurance payments

  • Posted by Optal
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Wednesday, 17 April 2018, London:

Insurance companies are under increasing pressure today to improve margins, cut costs and drive revenue. Yet despite being saddled with legacy B2B payments processes that are slow, inefficient, costly and a security and fraud risk, many tolerate the status quo as a way of doing business.

This is a missed opportunity to reduce administrative overheads, lower costs and improve the claims experience for suppliers and claimants.

As Mastercard’s strategic partner, Optal offers a new approach to insurers that’s revolutionising the B2B payments sector, and could help insurers overcome inefficiencies to streamline B2B payments and turn costs into revenue.

Optal’s Virtual Account Numbers (VANs) are automatically generated, 16-digit, single-use numbers supported by the global Mastercard network, and thereby providing an integrated, safe, efficient and global payment process for every transaction.

They offer multiple advantages over legacy B2B payment processes.

Once they receive a VAN, service providers are guaranteed payment. Reconciliation is automatic and immediate, reducing overheads and manual errors.

The VAN can also be personalised and enriched with additional information such as claim numbers to further streamline the process, improve the audit trail and help prevent fraud.

“Many insurance CFOs might still think of legacy B2B payments as a cost of doing business. Together with Mastercard, Optal is turning this notion on its head with optimised claims payments that can save insurers costs, reduce security and fraud risks and improve the supplier and customer experience,” says General Manager, Optal, Andrew Downes.

“Optal’s preferred status with global card and banking partners lets us minimise transaction costs, and turn cost centres into profit centres. We’re delighted to be working with Mastercard to generate real value for the insurance sector on a global scale.”

”Mastercard is focused on improving how businesses pay and get paid. Together with Optal, we look forward to bringing the speed, security and convenience of VANs and other innovative payment solutions to the insurance sector”, comments Alain Cauwenberghs, SVP Enterprise Partnerships, Mastercard.

 

Contact details:

Bradley Eccleshare

Director of Marketing

Optal Limited

+44 (0)20 3892 4928

+44 (0)7525 929198

bradley.eccleshare@optal.com

 

About Optal Ltd

Optal is re-inventing how payment processes work across complex industries.  By stripping payment processes of their customary inefficiency, Optal helps companies boost profitability across a growing number of sectors around the world.

Optal issues Mastercard branded payment products, driving its focus on developing and bringing to market, game-changing payment solutions.

For more information about Optal, visit www.optal.com

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Regulatory Information


Optal Limited is registered in England & Wales No. 5531282. 17 Moorgate, London, EC2R 6AR.

Optal Financial Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (Register Number: 900112) for the issuing of electronic money.

Optal Asia Limited is licensed in Hong Kong as Stored Value Facility Issuer (Licence number SVF0006), regulated by the Hong Kong Monetary Authority.

Invapay Payment Solutions Limited is authorised by the Financial Conduct Authority under the Payment Services Regulations 2009 (Register Number: 631411) for the provision of payment services.

Optal Financial Limited, Optal Asia Limited and Invapay Payment Solutions Limited are wholly owned subsidiaries of Optal Limited.

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