Payments

The shift to electronic insurance payouts is an undeniable win-win.

Making payments is the cornerstone of the customer experience in insurance and digital engagement is vital.

The Consumer Financial Protection Bureau, the Treasury Department and the Department of Health and Human Services released a request for comment on medical debt financing products. At the same time, the White House said that the agencies will explore whether efforts to sign up customers are breaking the law.

By digitizing the payout process, insurers empower claimants to choose how money is received.

As incentive marketing and payments preferences change, Geeta Chandan, vice president and head of product and loyalty at Discover, will join us at American Banker's Payments Forum to discuss opportunities and challenges. interview at Payments Forum

The Consumer Financial Protection Bureau is advising consumers to transfer money stored on nonbank digital payment apps such as PayPal, Venmo and Cash App to insured banks and credit unions.

Companies holding a Bitlicense will have to follow similar standards for consumer protection, safety and soundness, and pay more to cover the cost of regulations.

The bank has agreed to acquire Big Data Healthcare, a Texan fintech that automates commercial payments flowing to and from hospitals and medical groups. It's the latest example of banks' deepening health care investments.

At the heart of the industry's self-billing challenges is data — how it's stored, how it moves between partners, how it's cleaned for use.