Claim Payment Processing
The patent-pending Paynuver funds disbursement and management system from Transcard allows insurance companies to quickly and securely deliver payments while complying with the evolving regulatory requirements for insurance payments.
This robust system seamlessly supports traditional and emerging payment channels including the ability to make deposits to bank accounts, pre-paid or virtual cards, or have checks created all in a mobile environment. Paynuver accommodates digital signatures and enables documents and claim data to be attached to payments. It does not require sensitive payee and account information to be stored, and supports dual signature/authorization requirements. Proven risk monitoring, sequencing, and reporting tools support the early intervention necessary to identify fraudulent payments before funding. System security leverages 128 bit triple DES SSL encryption, FFIEC technology audits, third-party IT security audits, and SSAE 16/SOC audits. The reconciliation process allows centralized transparency into all payment transactions. This bank agnostic solution enables carriers to continue using their existing banking relationships and supports seamless connectivity to existing claim systems.
Paynuver generates an array of tangible benefits including an enhanced and expedited payment process and streamlined workflow. It reduces or eliminates check printing and the related expenses including printing supplies, check handling, and mailing costs. The ability to replace physical checks with digital payments also increases security and provides an ideal solution for unbanked individuals.