Use Case Benefit: Enhanced interoperability

An insurer disburses claims for multiple policies by submitting a bulk electronic payments file to their FI. Claims are paid directly to the insured, to beneficiaries (in the case of life insurance claims) or to intermediaries (brokers/agents). With ISO 20022 capability, each payment message can carry data on what the payment is for, including policy…

An insurer receives a single payment from an insurance intermediary (e.g., broker or agent) for premiums they collected on behalf of the insurer over a period of time. The broker/agent deducts their commission fees and other adjustments from the payment. With ISO 20022-enabled payments, richer data can travel with the payment, which could be extracted…