Insurance payment challenges
Paper cheques
Cheque payments take time to execute, are expensive and are also prone to fraud. Yet many insurance businesses still pay claimants using this method. How do you streamline your payouts to save time and money?
Manual processes
Manual payments processes consume staff time, create errors and lengthen the time it takes to pay claimants. When you need to make high volume payouts, manual processes shouldn’t add to your staff’s admin workload.
Currency volatility
The nature of making international payments, whether to overseas claimants, partners or international offices means there will inevitably be a foreign exchange element to many transactions. Beneficiaries like to be paid in their local currency but the FX market can be volatile, making your payouts more expensive.
Reconciling payments
Every insurance business finance department might reconcile accounts in a different way but one thing is clear, paper processes are a problem. Miscalculations due to manual input of data, data security issues and misplaced files are commonplace in paper-intensive payments environments.
Your trusted global payments partner
Delivering real business impact
In a world of automated phone service and voice-prompt menus, it is refreshing to talk to a real person about our outgoing payments needs. Eileen and the dealing team are very professional and provide bank-beating FX rates. Having an accessible, dedicated account manager to meet all of our requirements makes all the difference. Fantastic service all round
Experience our difference
Switch to digital payments
Switch to Fexco's electronic payments solution and get payments to your beneficiaries faster and securely.Greater payment efficiency
Eliminate manual processes that lead to errors and fraud. Use Fexco's batch payment or integrated solutions to pay multiple claimants simultaneously in a variety of currencies.Reduce reliance on paper cheques
Switch to digital payments
Switch to Fexco's electronic payments solution and get payments to your beneficiaries faster and securely.Streamline with automation
Greater payment efficiency
Eliminate manual processes that lead to errors and fraud. Use Fexco's batch payment or integrated solutions to pay multiple claimants simultaneously in a variety of currencies.Mitigate FX risk
Navigate the FX markets with ease
Avail of expert currency risk management advice and bank beating FX rates to protect your bottom line. Our team are available to advise on the best time to execute payments.Get full cost transparency
Best-in-class payments security and control
Best-in-class payments security and control
Protect your claimant/supplier payment information and data on our secure cloud platform. Our role-based account access means system administrators determine what users can see and do. With 2 factor authentication for access and a full audit trail to track payments activity, you have complete visibility and control.
ISO 27001 certified
2 factor authentication access
Role-based account access security
Fully licensed and regulated