Payr, the insurtech global payment platform by Traveller Assist, has successfully facilitated claims payments of £1 million in its first six-months of operations.
Payr was developed by Traveller Assist as a faster, safer and cheaper way to pay medical bills and travel related expenses abroad on behalf of travel and health insurers.
The platform combines proprietary financial technology, blockchain and industry expertise with an independent global provider network to offer an innovative cost containment solution.
Traveller Assist MD, Jonathan Bancroft said: “We specialise in providing medical and security assistance in some of the worlds most complex environments. It was critical to have a reliable and affordable payment provider. Payr was created by solving our own problem, enabling us and our clients to expand our service offering even further.”
Payr has accounts around the world, linked together by smart technology enabling the platform to pay and receive funds in 75+ currencies across 120+ countries.
Insurers pay in their country, in their local currency. Providers are then paid in their country, in their local currency. In a majority of cases, no money crosses any borders.
Payr CEO, Xavier Durand said: “Our clients are constantly looking for new ways to increase their product offering, and reduce their fees. Payr does both. It has significantly reduced banking and currency exchange fees on both sides of the transaction. Both payers and providers benefit.”
Traveller Assist officially launched Payr in October last year at the International Travel Insurance Conference in Geneva and the response was very positive.
Traveller Assist Senior Case Manager, Sarah Jansen said: “Payr enables us to facilitate out of network payments immediately, enabling us to provide effective assistance without causing any delays in critical treatment of patients.”
Payr has enabled Traveller Assist to facilitate payments to hospitals, helicopter providers, airlines and boat charter companies in 23-currencies across 48-countries in the past six-months, totalling £1.1 million.