UK PayTech platform Blink Payment, which specialises in digital payment solutions, has announced its integration with ParaCode to enhance the payment processes for insurance brokers.
The move will see the integration of modern digital payment capabilities into ParaCode’s customer platform.
This collaboration seeks to address inefficiencies in traditional insurance payment methods, which often rely on manual processes such as phone payments.
These outdated methods contribute to late payments, with over one in ten payments to insurance brokers being delayed.
The integration of Blink Payment into ParaCode’s platform will enable the use of open banking and card payment links, helping insurance firms process transactions more efficiently while reducing late payments.
ParaCode provides a suite of software tools tailored for insurance firms, including insurers, brokers, and managing general agents (MGAs).
Its platform offers solutions for claims management, reporting, accounting, and administrative tasks.
By integrating Blink Payment’s technology, ParaCode aims to improve the payment experience for its clients while enhancing cash flow management and financial reporting.
Blink Payment, which has an extensive presence in the insurance sector, sees this partnership as a key milestone in its continued expansion.
With approximately 1,800 insurance broker firms operating in the UK, this integration will allow Blink Payment to further penetrate the industry, providing modern payment solutions to a larger client base.
Ben Cohen, CEO at Blink Payment, said: “Our partnership with ParaCode is a very exciting step in helping tackle both outdated payment methods and late payments. Insurance firms currently make up the biggest percentage of our clients and we’ve already proven how effective paytech solutions such as payment links can be for these businesses. Now, we look forward to helping many other insurance firms modernise and streamline their payments systems.”
Will Prest, co-founder and managing director at ParaCode, said: “Our partnership with Blink Payment is a fantastic opportunity to pool our expertise and provide a comprehensive payments service for insurers, brokers and MGAs. I know from my own background working in insurance how convoluted and unreliable traditional payment methods can be – and the detrimental effect this can have on a business. That’s why we’re proud to now be integrating Blink Payment’s capabilities into our platform for the wider insurance industry to take advantage of.”
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