Supports EFT, Direct Deposit and Mobile Payments for Insurance Settlements
NEEDHAM, Mass – July 8, 2014 – Enservio (www.enservio.com) today announced an extension of its ReStore Payments™ platform that offers insurance companies additional flexibility and consumer choice when settling claims payments. In addition to the RestoreCard® debit card, Enservio supports all means of electronic payment methods including direct deposit, electronic funds transfer (EFT) and mobile payments -- giving carriers and policyholders the most widely available payment options from which to choose.
In support of this functionality, Enservio is pleased to announce that the United States Patent & Trademark Office recently issued U.S. Patent No. 8,762,278 entitled "Dual Activation Financial Products," which expands the family of dual activation patents to EFT. Dual activation protects against fraud by ensuring that two or more parties must all provide authorization before funds are released. The patent extends Enservio's intellectual property protection to products that offer consumers additional flexibility and simplifies the insurance claim payment process.
This electronic payment option, entitled ReStore EFT™, supplements the ReStore Payment platform which includes the ReStore Card, a preloaded debit MasterCard with all of the secure built-in protections that MasterCard provides. Using cards eliminates the processing of paper checks and reduces related costs by up to 60 percent.
“Claims settlement by preloaded debit cards give claimants access to their funds up to 3X faster than a traditional paper check,” said Tom Crowder, General Manager for Enservio ReStore Payments. “With extended payment options, our platform provides a truly revolutionary way to reduce costs and simplify the overall claim settlement process.”
The ReStore Payments platform offers a secure payment system applicable for most insurance payments including auto, P&C, liability and other claims, accelerating payments and delivering a superior customer experience for insureds and all stakeholders. Mobile payments, or the ability to activate funds to settle claims using a smartphone or other wireless device, is also available, providing further convenience.
To learn more about Enservio’s payment options, please visit http://www.enservio.com/solutions/claims-payment or call 888.567.7557.
About Enservio, Inc.
Enservio® software and services help you solve one of the biggest issues in property insurance - knowing what's inside an insured's home or business. This visibility helps you right-price your policies upfront, settle claims quickly and accurately, manage replacements to keep customers happy, as well as run your business more efficiently. Founded in 2004, we are headquartered in Needham, MA, with offices and professional staff across the U.S. Enservio is a strategic partner of the National Insurance Crime Bureau (NICB) in their continued fight against insurance fraud. For additional information, please visit the company's web site www.enservio.com or call 888.567.7557. Connect with Enservio via LinkedIn (http://us.linkedin.com/company/enservio), Twitter (https://twitter.com/enservio), and Facebook (https://www.facebook.com/enservio).
Enservio and ReStore Card are registered trademarks and ReStore Payments and Restore EFT are trademarks of Enservio, Inc. All other trademarks referenced are the property of their respective holders.