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Dream Payments Speeds Up Insurance Payouts with Mastercard Partnership

Cloud-based payments platform Dream Payments is teaming up with Mastercard this week. The two payments players will leverage Mastercard Send to help insurance policyholders receive payments faster into any account.

Mastercard Send, a global push payments platform, facilitates local and cross-border money delivery in near real-time. Integrating with the Dream Payments Hub will create a scalable way to digitize and automate the disbursement of insurance claims. By removing the need to sort and mail physical checks, the integration ultimately increases the speed and efficiency of digital payouts into the customer’s preferred debit card account.

Piloting this is Northbridge Financial, which will be the first insurance provider in Canada to use the Mastercard Send platform through the Dream Payments Hub. “Our claims experience is the moment of truth when it comes to the promise we make to our customers,” said George Halkiotis, EVP of Claims for Northbridge Financial. “We know that waiting for and depositing checks are key pain points and we’re excited be able to deliver a better, faster claims experience that helps make things right for our customers as quickly as possible.”

“Mastercard and Dream Payments are helping to digitize payments for insurance providers of all sizes,” added Brent Ho-Young, chief executive officer, 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.”

With operations in Stamford, Connecticut, Dream Payments helps small businesses accept all payment types. In addition to ties with Quickbooks and First Data, the company also counts TD Merchant Solutions and Chase Paymentech in its partnership ecosystem. At FinovateSpring 2015, Dream Payments debuted its mobile POS device. Dream Payments was founded in 2014 and has raised $14.9 million. Brent Ho-Young is CEO.

Founded in 1966, Mastercard demoed its Cash Pick-Up ATM solution at FinovateFall 2017. Cash Pick-Up allows the sender to disburse cash to banked and unbanked consumers without a card at an ATM. Last fall, the company announced it has tested and validated its blockchain and will be opening access to it via a set of three APIs published on the Mastercard Developers website. At FinovateEurope next week, Mastercard, alongside Vipera, will demo SME-Pay, a solution that enables small business owners to make and receive payments anywhere and view and control staff spending on their Mastercard cards.