Payments

Dream Payments intros real-time insurance payments

Image via iStock.com

November 2, 2021

Dream Payments, a digital payments fintech company, has launched its Dream Insurance Network in the U.S. This tool features the Dream application programming interface that integrates with insurance software platforms to enable instant digital payments through JP Morgan and The Clearing House Real-time Payment Network, according to a press release.

The network follows three steps:

• First the Dream API sends a notification to the customer that their claim has been approved.
• Then the claimant goes to an insurance branded payment portal and selects how they would like to receive their payment, either by ACH, virtual card, check or instant digital payment.
• Then the payment is sent and the claimant and the carrier are notified.

"We are excited to power Dream Payments as they foster innovation within the insurance payments ecosystem — as our Wholesale Payments business continues to be the provider of choice for fintech payments globally," Cyrus Bhathawalla, global head of real time payments, JP Morgan, said in the release.

In addition, the software platform is integrated to the Dream API to enable automated claims payouts for insurance carrier clients.