Insurer FWD ties up with DBS for electronic claims payment via PayNow

Customers can receive payments just by providing their PayNow registered mobile number.

Digital insurer FWD has tied up with DBS to roll out electronic payment of claims via electronic fund transfer service PayNow.

Customers of FWD need only provide their PayNow registered mobile number or NRIC number for funds to receive payments or have funds transferred to their account via PayNow.

PayNow is available to customers of Citibank Singapore Limited, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank, and United Overseas Bank.

Also read: PayNow to extend into businesses by H2 2018

“Many insurers make their claims payouts via cheque – and this has led to unnecessary delays and even lost cheques. PayNow is a very convenient payment platform that will benefit FWD’s customers,” said Abhishek Bhatia, CEO at FWD Singapore.

“By leveraging on our digital expertise, we are pleased to provide a solution that does away with claims cheques, providing customers a truly seamless claims experience,” said Benjamin Yeo, Managing Director and Head of Insurance Coverage at DBS Bank.

The partnership between the digital insurer and the bank comes on the heels of an earlier collaboration rolling out real-time electronic claims payments using DBS IDEAL RAPID.