An insurer sends electronic invoices with ISO 20022 request-to-pay functionality for monthly or annual premium payments due from those policyholders not set up for pre-authorized debit as they do not wish to share bank account info with the insurer. Payment links in the e-invoices enable policyholders to initiate payments from their bank accounts with data…
Use Case Benefit: Reduction in cheque use
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…
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