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July 11, 2019

SafeCharge Collaborates with Visa to Provide InsurTech Company Setoo with Faster Insurance Payouts

SafeCharge (AIM: SCH), the partner of choice for businesses who demand more from payment technology, has announced a new collaboration with Visa Direct, Visa’s real-time[1] push payments platform, helping to power faster payouts for insurance-as-a-service company Setoo.

Visa Direct is a real-time[2] push payments platform that allows for funds delivery directly to financial accounts using card credentials. Visa Direct enables businesses to push funds disbursements and remittances to cards within a maximum of 30 minutes of approving the transaction. The result is a secure and convenient experience for customers.

SafeCharge is focused on making meaningful payment innovation available as fast as possible for businesses to embrace fast commerce transformation. Visa Direct can be used for more efficient payments across a number of use cases, including cross-border payments, insurance disbursements and  contractor payments for gig economy jobs.

“Saving time, saving costs, saving efforts: today’s consumers are constantly looking for the best way to streamline operations and boost efficiency,” said David Avgi, CEO of SafeCharge. “At SafeCharge we believe that innovation is a key foundation stone to growth. We are constantly evolving to offer our customers the latest solutions in digital payment services. We are excited to collaborate with Visa in this journey to improve the payment experience.”

“Insurance payouts represent a great use case for Visa Direct, providing more efficiency for insurers and a smoother experience for beneficiaries,” said David Josephs, Head of Visa Direct for Visa Europe. “Setoo is one of the companies leading the way for these types of payouts.”

Visa Direct has already proved to be beneficial for a wide portfolio of clients worldwide. Setoo is among the early innovators adopting of the technology in the insurance industry. The transfer flow is easy and secure: the merchant sends the payment instructions to SafeCharge, SafeCharge sends a single authorization and a clearing message to Visa, and the issuer posts funds to the cardholder account on receipt of authorization.

“Nowadays, real-time delivery is a must when we buy goods and services. When it comes to disbursements and movement of money, expectations are exactly the same” explains Eyal Gluska Co-founder & Co-CEO of Setoo “We are enabling our customers to deliver a new type of insurance experience, by removing the need for any claims process and providing real-time[3] compensation. Visa Direct fits in perfectly with the quick, smooth disbursement we require.”

[1] Actual fund availability depends on receiving financial institution and region. Visa requires fast-funds enabled issuers to make funds available to their recipient cardholders within a maximum of 30 minutes of approving the transaction. Please refer to your Visa representative for more information.

[2] See footnote 1

[3] See footnote 1

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SafeCharge Limited is an Electronic Money Institution authorised and regulated by the Central Bank of Cyprus and is a principal member of Mastercard, Visa and Unionpay International (CUP). SafeCharge Financial Services Limited is authorised and regulated by the Financial Conduct Authority as a Payment Institution. Both SafeCharge companies are wholly owned by SafeCharge International Group Limited.