Use Case 2: Real-Time Claim Payout

Problem

Claim payouts are a crucial moment for any insurer. There could be cases where insurers also need to propose a wide variety of reimbursement methods while offering immediate compensation. 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.

Example

Say your policyholder has lost both their luggage and their wallet when traveling abroad. In this situation, they don't have access to their preffered payment method. They require alternative payment options like a virtual card or a voucher. So, you need to make a payment to the alternative Financial Instrument quickly.

Solution

The Imburse platform acts as your single access point to the payments' ecosystem. Imburse does all the payment integration heavy-lifting, providing you quick access to relevant payment providers and methods. The platform can easily integrate with core insurance IT systems to support any pay-out mechanism. It is efficient enough to not cause disruption to your day-to-day operations and quick enough to process the claim in near real-time. In addition, Imburse integrates with KYC, AML, and Sanction Check providers to verify the policyholders identify, reduce risk, or prove compliance.

Through Imburse's push-to-card capabilities from Visa and Mastercard, you can pay out claims in real-time to the policyholder's credit card or bank account.

Prerequisites

In order to work with Real-Time Claim Payout, ensure the following.

Supported Apps

  • Citi
  • BottomLine
  • Tango Card

Working with Real-Time Payout Claims

Imburse supports two types of Payout Option.

Step 1: Authenticate

The first step to using Imburse API is to authenticate yourself by generating an Access Token. See Auhthenticate your API Requests for more information.

Step 2: Create a Financial Instrument

Create the Financial Instrument by using the Customer Vault APIs. See for more information.

Step 3: Define your payment intention


Define your Order and Instruction and make a call to our create-order endpoint. See Define your payment intention for more information.

Step 4: Check the payment status

After your payment intention is accepted by the Imburse platform, Imburse will communicate with the Payment Service Provider (PSP) to handle the transaction.

You can check the status of the transaction by polling our APIs. Alternatively, you can also set up a Webhook to notify you every time the transaction status changes.

Direct Credit:

Step 1: Authenticate

To start using Imburse API authenticate yourself by generating an Access Token. To learn more on how to authenticate, see Authentication.POST: v1/identity/hmac

Step 2: Create Financial Instrument

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

API: Try it out in our API sandbox!POST: v1/customer-vault/customer-1/international-bank-account

Request example:

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

Response example:

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{
    "_links": {
        "location": "/v1/customer-vault/Customer_01/financial-instrument/9cb4aab7-5cbe-012c-c345-00c118e66696"
    },
    "id": "9cb4aab7-5cbe-012c-c345-00c118e66696"
}
In the response obtained, Imburse retrieves financialInstrumentId which is used to fill in the appropriate attribute within the created instruction.

Step 3: Create Order and Instruction

At this stage, you can create an order and instructions, set up the payment intention and related information, such as amount and schemeID. You can have as many instructions as actual payments 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.

API: Try it out in our API sandbox!POST: v1/order-management

Request example:

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{
    "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:

PropertyTypeRequiredDescription
orderRefstringYesA unique reference for an Order. Usually correlates to your customers order reference in you own internal systems.The orderRef property is set by Imburse client.
instructionRefstringYesA unique reference for an Instruction. For example, a month number.The instructionRef property is set by Imburse client.
customerRefstringYesA reference for your customer. If you are setting customerDefaults on the order then this will need to match a customerRef from the customerDefaults. The customerRef property is set by Imburse client.
directionstringYesThe direction the instruction is for. Available values are CREDIT and DEBIT. Use DEBIT for Collections.
schemeIdstringYesThe schemeId this order should use to filter available payment options.
settledByDatedateNoThe date in which a payment is to be settled by, or if automated, will be taken on. Date format is YYYY-MM-DD. After this date Imburse would send you missed payment webhook notifications.

Rewards:

Step 1: Authenticate

To start using Imburse API authenticate yourself by generating an Access Token. To learn more on how to authenticate, see Authentication.POST: v1/identity/hmac

Step 2: Get Payout Options

API: Try it out in our API sandbox!GET: /v1/schemes/payout/{schemeId}/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.

API: Try it out in our API sandbox!POST: v1/order-management

Request example:

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{
    "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:

PropertyTypeRequiredDescription
orderRefstringYesA unique reference for an Order. Usually correlates to your customers order reference in you own internal systems.The orderRef property is set by Imburse client.
instructionRefstringYesA unique reference for an Instruction. For example, a month number.The instructionRef property is set by Imburse client.
customerRefstringYesA reference for your customer. If you are setting customerDefaults on the order then this will need to match a customerRef from the customerDefaults. The customerRef property is set by Imburse client.
directionstringYesThe direction the instruction is for. Available values are CREDIT and DEBIT. Use DEBIT for Collections.
schemeIdstringYesThe schemeId this order should use to filter available payment options.
settledByDatedateNoThe date in which a payment is to be settled by, or if automated, will be taken on. Date format is YYYY-MM-DD. After this date Imburse would send you missed payment webhook notifications.

Step 4: Claim Reward

API: Try it out in our API sandbox!POST: /v1/order-management/{orderRef}/instruction/{instructionRef}/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:

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{
    "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

API: Try it out in our API sandbox! GET: /v1/customer-vault/{customerRef}/reward/{financialInstrumentId}/transaction/{transactionId}

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.

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