Press release

VPay Announces Mobile-Friendly, Expedited Claim Payment Functionality

Sponsored by Businesswire

a leading turnkey claim payment platform, today announced the addition
of mobile-friendly functionality for policyholder, claimant and
multiparty payments.

The new expedited claim payment solution addresses policyholders’ rising
demand for easier, faster and customizable payment options, while also
providing insurance companies an impactful change to claims processing
without the usual operational or financial risks. Benefits of the new
offering include:

  • Mobile-friendly policyholder experience: The web-based
    solution, which can be easily white-labeled, enables policyholder,
    claimant and multiparty payments—from any device. Individuals can
    quickly review their claim, approve service provider payments, or
    select a preferred payment type for receiving their own claim
    payment—all through their smartphone, laptop, or tablet.
  • Streamlined endorsements: Multiple parties are notified
    electronically of a claim payment. Each can review and approve the
    claim details online indicating the appropriate payee whether that is
    a service provider, lienholder, claimant or policyholder, as well as
    the desired payment method. Multiparty payments have traditionally
    been onerous and challenging to manage, precluding most electronic
    payment methods.
  • Faster payments: Policyholders and claimants now get to choose
    how they want to be paid, whether by check, ACH or push payments (like
    push-to-debit). Service providers benefit from faster payments and can
    choose check, ACH or virtual card as their payment methods.
    Policyholders and claimants no longer have to wait for mailed checks
    to be endorsed and forwarded to service providers, nor do they have to
    make trips to banks or experience holds on funds. Plus, associated
    remittance advice is delivered electronically with all service
    provider payments.

“Innovation in claim payment processing is a challenge for insurers
because of the rapid pace of change, money transmission regulations and
security,” said Jeffrey Brown, president of VPay. “Insurers need agile,
flexible tools that can change with consumer expectations and compliance
regulations. With this new offering, we’re putting the policyholder
experience first without complicated implementations or sacrificing
security, all the while significantly reducing costs.”

Policyholders have reported the desire for more digital touchpoints with
their insurers as well as personalized digital experiences and seamless
customer service, according to a
recent J.D. Power study
. Additionally, consumers
that they’d likely opt for real-time payments for 62% of
funds disbursement received, if it were available.

The new offering will be included in VPay’s total claim payment
solution, which is guaranteed to reduce checks and provide cost savings.
VPay has several security certifications, including PCI and SOC 1 and
SOC 2 as well as HIPAA and Nacha certification, so insurance company
payers can be assured all their data and payments are secure.

To learn more about VPay’s total payment solution, visit

About VPay

VPay® is today’s total payment solution for claim payments for workers’
compensation, property and auto insurers, health plans, dental plans and
third-party administrators. By reducing checks with fast secure
electronic payments that simplify the reconciliation process while also
eliminating processing and management costs, VPay helps companies
realize unexpected and unprecedented returns. For more information,