Empowering insurers with real-time payment flows
In the dynamic insurance industry, traditional payment methods have stifled progress. However, a transformative era is now unfolding through real-time, API-based payment flows, empowering targeted insurance products and a more expansive financial network. Modern payment flows promise operational efficiency and an improved customer experience. Furthermore, real-time payment data acquired via these systems creates a competitive advantage for the insurance industry that favors personalized offerings.
The need for speed - escaping delays with modern payment flows
Established payment processes suffer from slow money transfer and transaction data movement. In 2022, merely 2.5% of electronic payments in Germany were real-time. In most instances (66.4%), there was a delay of hours to days between consumer payment and receipt of funds by the merchant.
Efficiency boost - payment flows streamlining operations
Our payment flows offer a primary advantage in enhancing operational efficiency. As McKinsey approximates, about 30% of back-office tasks can be automated, allowing staff to shift attention to other responsibilities. Additionally, instant data access reveals complete financial insights and improves fund allocation control.
“With our payment flows product, you can easily track money entering and leaving your organization with minimal administration, facilitating streamlined money management. Data-driven modern businesses gain greater insights into risk and can rapidly adapt to changing scenarios, thereby expanding their financial ecosystem.”
Head of Product, Solaris