One, announced plans to disburse claims through Mastercard virtual cards and Mastercard Send. Powered by One’s product, ClaimsPay, the partnership builds on a shared vision to deliver near-instant, secure payments that deliver cashflow for claimants and vendors and reduce cycle time and expenses for insurers.
The partnership is One’s latest initiative aimed at digitalising the insurance payments stack with an alternative to checks. It arrives at a time when virtual card adoption is expected to accelerate to over USD 5 trillion in transaction value by 2025, more than triple its USD 1.6 trillion value in 2020, according to Juniper Research.
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