Use Case 2: Real-Time Claim Payout

Problem

Claim payouts are a crucial moment for any insurer. In some cases, in addition to offer immediate compensation, insurers also need to propose a wide variety of reimbursement methods. For instance, if a policyholder loses both his luggage and his wallet when traveling abroad, he may require alternative options of reimbursement such as a virtual card or voucher. The speed and method of the pay-out need to match the policyholder’s situation. However, this flexibility requires integrating and leveraging multiple providers, which is often a stumbling block for enterprises because it is costly, time-intensive, and resource-draining to create and manage so many integrations.

Solution

The Imburse platform acts as your single access point to the payments' ecosystem. Imburse does all the payment integration heavy-lifting, so you can access all relevant payment providers and methods. Imburse delivers integrations to the push-to-card capabilities from Visa and Mastercard to pay out claims in real-time to the policyholder’s credit card or bank account. Our platform is easily integrated with core insurance IT systems to support any pay-out mechanism and causes no disruption to day-to-day operations or delays in your claims decision-making processes. In addition, Imburse integrates with KYC, AML, and Sanction Check providers to verify the policyholders identify, reduce risk, or prove compliance.

Prerequisites

• Tenant Portal Access.
• Valid API Keys.
• Marketplace APP Installed and configured with relevant credentials.
• Payout Scheme Created and configured.
• Financial Instrument created.

Supported Apps

• Citi
• BottomLine
• Tango Card

There are 2 options of Payouts:

1. Direct Credit
2. Rewards

Direct Credit:

Step 1: Authenticate

Step 2: Create Financial Instrument

After you generate your Access Token, you can start using the Imburse APIs and create a financial instrument.

Request example:

{
  "name": "Testing",
  "iban": "GB09KDUX86642922629868",
  "bic": "CGDITLDI"
}

Response example:

{
    "_links": {
        "location": "/v1/customer-vault/Customer_01/financial-instrument/9cb4aab7-5cbe-012c-c345-00c118e66696"
    },
    "id": "9cb4aab7-5cbe-012c-c345-00c118e66696"
}

Step 3: Create Order and Instruction

When creating the instruction, the direction of the payment, whether it is debit or credit, is set. Use the Credit direction for payouts.

Request example:

{
    "orderRef": "order_Payout_01",
    "instructions": [
        {
            "instructionRef": "PAYMENT-01",
            "customerRef": "customer_01",
            "direction": "CREDIT",

            "financialInstrumentId": "9cb4aab7-5cbe-012c-c345-00c118e66696",
            "amount": "10.00",
            "currency": "GBP",
            "country": "UK",
            "schemeId": "62518C8474D3C5472DDCAF51C2136412",
            "settledByDate": "2022-09-01",
            "metadata": {
            }
        }
    ]
}

The following table lists all properties along with their type and description:

Rewards:

Step 1: Authenticate

Step 2: Get Payout Options

Step 3: Create Order and Instruction

The next step is to create an order and instruction/s, setting the payment intention and related information such as the amount and the SchemeID (which is fetched from the Tenant Portal, after creating the Scheme). You can have as many instructions as actual payments you which to perform.

When creating the instruction, the direction of the payment, whether it is debit or credit, is set. Use the Credit direction for payouts.

Request example:

{
    "orderRef": "order_Payout_01",
    "instructions": [
        {
            "instructionRef": "PAYMENT-01",
            "customerRef": "customer_01",
            "direction": "CREDIT",
            "financialInstrumentId": "9cb4aab7-5cbe-012c-c345-00c118e66696",
            "amount": "10.00",
            "currency": "GBP",
            "country": "UK",
            "schemeId": "62518C8474D3C5472DDCAF51C2136412",
            "settledByDate": "2022-09-01",
            "metadata": {
            }
        }
    ]
}

The following table lists all properties along with their type and description:

Step 4: Claim Reward

To Claim a reward, all you need is to point to the order and instruction created previously and the reward ID that was obtained earlier when getting the Payout Options.

Request example:

{
    "rewardId": "{{rewardId}}"
}

On the response of the request will be the transactionId on the end of the location header is unique to claiming this reward. Each claim will have a different transactionId. The {transactionId} placeholder will be a GUID and will look something like this: 8f482020-965f-4e9b-afb2-1e6e4336e6da. This value will be used in the next step.

Step 5: Get Reward

To learn the status of the payment, Imburse provides a webhook notification at each changing status and the possibility to poll the status through the GET instruction endpoint.