Edenred Payment Solutions introduces VCN product

Edenred Payment Solutions (EPS) provides digital banking, Embedded Finance, and card programmes, drawing on over 20 years of industry experience. As a regulated Electronic Money Institution in the UK and EU, EPS simplifies product experiences while offering flexible payment solutions. Clients can use functional APIs to access e-money accounts, payment schemes, and card-issuing solutions.

With this solution, customers gain instant access to their funds when they need them, eliminating the long wait times associated with reimbursements. The VCN product optimises the claims process by providing policyholders with immediate access to approved claim funds through a virtual payment card.

These virtual cards can be added to mobile wallets such as Google Pay and Apple Pay, allowing for direct payments to service providers or merchants without the usual delays. Policyholders can use the cards at pre-approved merchants relevant to their claims, thus improving the overall experience while also reducing the risk of fraud for insurers.

Already in use by a multinational French insurance company, this solution has enabled the insurer to issue cards quickly, monitor transactions, and maintain consistent branding on their digital cards. The implementation of this system can be replicated for new clients in as little as two months, which includes agent training, and the development of a customised dashboard tailored to their specific needs.

Key benefits of EPS Virtual Cards 

The main advantages of this product include: 

• improved funds management: e-money accounts are integrated with payment schemes for quick and secure fund loading, ensuring compliance and protection;

• better control and security: each virtual card has unique details, allowing insurers to set spending limits and restrict categories for proper use;

• simplified claims process: automation simplifies invoice reconciliation with claim payouts, reducing paperwork and improving efficiency for insurers and policyholders.

.Overall, the solution supports claims payouts through automation, flexibility, and speed, benefiting both insurers and customers.