LONDON, July 11, 2019 /PRNewswire/ -- SafeCharge (AIM:
SCH), the partner of choice for businesses who demand more from
payment technology, has announced a new collaboration with Visa
Direct, Visa's real-time[1] push payments platform,
helping to power faster payouts for insurance-as-a-service company
Setoo.
Visa Direct is a real-time[2] push payments platform
that allows for funds delivery directly to financial accounts using
card credentials. Visa Direct enables businesses to push funds
disbursements and remittances to cards within a maximum of 30
minutes of approving the transaction. The result is a secure and
convenient experience for customers.
SafeCharge is focused on making meaningful payment innovation
available as fast as possible for businesses to embrace fast
commerce transformation. Visa Direct can be used for more efficient
payments across a number of use cases, including cross-border
payments, insurance disbursements and contractor payments for
gig economy jobs.
"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."
Visa Direct has already proved to be beneficial for a wide
portfolio of clients worldwide. Setoo is amongst the early
innovators adopting of the technology in the insurance industry.
The transfer flow is easy and secure: the merchant sends the
payment instructions to SafeCharge, SafeCharge sends a single
authorization and a clearing message to Visa, and the issuer posts
funds to the cardholder account on receipt of authorization.
"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[3] compensation.
Visa Direct fits in perfectly with the quick, smooth disbursement
we require."
About SafeCharge
SafeCharge International Group Limited (AIM: SCH), is the
payment service partner for the world's most demanding businesses.
SafeCharge provides global omni-channel payments services from card
acquiring and issuing to payment processing and checkout, all
underpinned by advanced risk management solutions. This fully
featured proprietary payment platform connects directly to all
major payment card schemes including Visa, Mastercard, American
Express and Union Pay as well as over 150 local payment methods.
With offices around the world, SafeCharge serves a diversified,
blue chip client base and is a trusted payment partner for
customers across a range of vertical markets. The company has been
listed on the London Stock Exchange AIM market since 2014. For more
information see: http://www.safecharge.com/.
About Setoo
Setoo empowers e-businesses to build and distribute personalised
insurance and protection products, increasing revenue from
ancillary services and delivering exceptional customer experience.
With Setoo's parametric insurance-as-a-service platform,
e-businesses can create new, super-targeted protections within
minutes, addressing consumers' actual concerns, and generating
automatic compensation without the need to file any claim. Setoo
operates as an MGA and is approved by the FCA in UK and ACPR in EU.
Setoo recently announced a €8M Series A funding round by Kamet,
AXA's Insurtech startup studio.
[1] Actual fund availability depends on receiving
financial institution and region. Visa requires fast-funds enabled
issuers to make funds available to their recipient cardholders
within a maximum of 30 minutes of approving the transaction. Please
refer to your Visa representative for more information.
[2] See footnote 1
[3] See footnote 1
Media Contact:
PR for SafeCharge
Michela Toffali
michelat@safecharge.com
+31-6-18945522
Francesco Tius
SafeCharge@axicom.com
+44-20-7559-5614