An insurer makes a periodic payment to a preferred vendor that covers multiple invoices. With ISO 20022, a single payment can be sent with remittance data that details all the invoices that a single aggregated payment is intended to cover. The vendor can receive confirmation of the payment credited to their account and information on…
Use Case Sub-sector: Property & Casualty
An insurer makes a payment to a broker for commission fees on policies the broker has sold over a period of time. The broker typically prefers payment by cheque with a detailed breakdown of payment for reconciliation purposes. With ISO 20022 payments, remittance data providing a breakdown can travel with the payment, which can be…
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…
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