Enservio, a provider of software and services to property insurers, announces the United States Patent and Trademark Office has awarded the company a patent for the insurance industry's first co-party activation debit card for insurance claims payments. The card has already been utilized to settle over $100 million in claims. It's applicable for auto, personal property, dwelling and liability payments.
The patented electronic settlement system, which includes a debit card solution, enables insurance carriers to deliver a claim payment solution on two or more payment cards that can be used simultaneously. All cards must be activated before funds are available. ReStore Payments replicates the safety features of co-party checks with the convenience of a card while accelerating claim payments, reducing costs and simplifying the overall claim settlement process.
The patent is based on technology that builds in an additional security feature on top of the payment networks, requiring both parties to activate their separate cards in order for funds to be accessed.
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