BNY Mellon launches automated payment solutions offering for insurance payers

Thursday 10 September 2020 13:00 CET | News

BNY Mellon has released an Automated Medical and Dental Payments Solution, which facilitates the conversion of claims payments from checks to electronic payments and expedites and simplifies the processing of claims.

In addition to generating payments, the new offering provides Explanation of Benefits (EOB) statement delivery, includes 1099 management and processing, is file-agnostic, and allows users payment information status and access through an online portal. 

The solution, which property and casualty insurer NJM Insurance Group (NJM) is already actively leveraging as a client, is designed to fully automate the medical and dental claims process. 

The solution also leverages a network of more than one million providers that have elected to receive ACH or Virtual Card payments. Virtual Card is a key payment modality, particularly because it is often preferred by providers for its ease of use. 

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Keywords: BNY Mellon, payments, insurance payers, claims
Categories: Banking & Fintech | Payments General
Countries: United States
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Banking & Fintech

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