Toronto-based Dream Payments has announced a partnership with Mastercard.
The goal of the partnership is to see insurance policyholders receive faster payments into any payment card or account. Fairfax-owned Northbridge Financial will be the first insurance provider in Canada to use the Mastercard Send platform through the Dream Payments Hub, followed by international markets.
Mastercard Send is a brand-agnostic push payments platform designed to work with banks, businesses, digital players, governments, and money transfer services. The platform facilitates the delivery of funds in near real-time to virtually all domestic debit card accounts in the US.
“Mastercard and Dream Payments are helping to digitize payments for insurance providers of all sizes,” said Brent Ho-Young, CEO of Dream Payments. “Insurance customers deserve to receive their claims payments quickly, electronically, and into the financial accounts of their choice, whether it be a bank account, debit card, prepaid card, or mobile wallet.”
Through the partnership with the cloud payments provider, insurance companies will be able to digitize and automate claims disbursements rather than printing, sorting, and mailing cheques.
“Mastercard is focused on improving the ways people and businesses pay and get paid, providing more choice, security and convenience,” commented Zahir Khoja, senior vice president of global acceptance and solutions at Mastercard. “This collaboration with Dream Payments demonstrates our commitment to expand the reach and depth of digital payments, enabling insurance companies to transform the customer experience.”
Mastercard and Dream Payments plan to expand card and account-to-account payment solutions to other flows such as insurance premium payments’ collections, supplier, and worker payments.
In October 2017, the company announced a partnership with IBM to help financial institutions more quickly deploy mobile payment offerings in the US.