Dream Payments, Mastercard partner on insurer API for digital claims payments

Dream Payments and Mastercard have partnered to create the Dream Claims Payment API, which allows insurers to send digital claims payments to policyholders in real time.

“Through one API and the Dream Payments Hub, insurers of all sizes can now benefit from the speed and efficiency of digital claims payments and eliminate the friction associated with printing, sorting, mailing and tracking of cheques,” Long Van, chief technology officer of Dream Payments, said in a news release.

Related: Northbridge to digitize claims payments

The Dream Claims Payment API is designed exclusively for the insurance industry, and uses the Mastercard Send global push payment platform to send claims payments to virtually all debit card accounts.

U.S.-based Travel Insured International is the first insurer to use the API. Earlier this year, Northbridge became the first insurer to digitize its claims payments through the Dream Payments Hub.

“We know that waiting for and depositing cheques are key pain points for our customers and we’re excited to be able to offer them better and faster options to get them the funds they need as quickly as possible,” said George Halkiotis, executive vice-president of claims at Northbridge.

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This story was originally published by Canadian Insurance Top Broker.