Global insurance company rethought their payments to enhance client experience

Insights into the benefits of payments modernization.

In this latest study, a global insurance company in Canada details how investing in its payments technology is helping to streamline its payments processes, and how these changes will enhance its client relationships and prepare the business for payments Modernization, including ISO 20022. 

Some of topics covered in the case study include:

• The potential benefits associated with real-time payments in providing not only faster payment options for claims but also improved, flexible payment choices for clients.
• The continued investment in a payments hub to streamline and standardize current payments process, as well as lessons learned from the introduction of ISO 20022 messaging for wire payments.
• The business benefits of championing greater interoperability between its technology systems that capture and store data that will travel with payments via ISO 20022.

This is the third in a series of case studies, in collaboration between Payments Canada and EY. The series focuses on identifying how Canadian businesses, governments and other organizations can benefit from modernized payments.

Download the Case Study       |        Download the Companion Foreward

To learn more about Payments Canada’s Modernization initiative, visit Modernization.

ISO 20022 is the foundation for payment messaging across all modernized payments systems. The transition to ISO 20022 will support interoperability with global payment ecosystems, and will also enable new opportunities for financial products and services, and bring new levels of efficiency to the Canadian economy. Financial Institutions looking for resources or services to support their adoption of the standard should visit the Payments Canada ISO 20022 Resource Centre.

Want to share your experience?

If you would like to share your organization’s ISO 20022 journey, we want to hear from you: modernization@payments.ca