Paytech Blink Payment says it has integrated with Paracode, a provider of insurance software. Blink explains that ParaCode provides insurance firms, brokers and others tools like claims management, reporting accounting and other tasks.
The company states that the partnership will enable insurance firms to process payments through the platform, including adopting open banking and card payments via payment links.
Blink says that outdated payment methods, such as manual payment via phone, mean that over one in ten payments made to insurance brokers are paid late. By using their platform, insurance firms cut down on these delays, up to three times faster than traditional invoices.
Blink believes the ParaCode partnership will enable it to grow its share of the insurance industry payments expertise with a new cohort of customers.
Will Prest, Co-founder and Managing Director at ParaCode, says he knows from his own background working in insurance how convoluted and unreliable traditional payment methods can be. The Blink partnership is expected to fix this challenge.
