Page 20 - Pay Magazine s2014

paybefore awards
Best B2B proBlem solver
Best use of a business- or corporate-funded prepaid card in a B2B application.
VPay
StoneEagle Services Inc., MasterCard partners: MetaBank, Herring Bank
what it is: Virtual MasterCard platform (VPay) that enables StoneEagle clients across mul- tiple verticals in the insurance industry to make real-time and batch claim payments to service providers.
where you get it: Virtual card (a VCard) is delivered to insurance payees via multiple delivery methods, including portal, fax and mail.
why it works: VPay addresses common chal- lenges faced by payers of B2B insurance claims by providing an expedited, electronic payment option without enrollment, eliminating paper check-related printing and mailing costs, offering accurate and simplified payment/ remittance reconciliation for payers and payees, and significantly reducing fraud.
why it matters: There are many barriers to making insurance payments via ACH; VPay offers payers an alternative electronic delivery method that can be made quickly and at
low cost. Fast delivery can eliminate the need for individual policyholders to pay out of pocket and then file a claim for reimburse- ment. VPay also solves the “disassociation” between payment and remittance advice, which is a barrier to payment by ACH.
differentiators: In-house call center is fully dedicated to VPay clients and provides multilin- gual support. Payment processing, IT and development is vertically integrated in-house to ensure speed and quality of service. The VPay platform is incredibly flexible and customizable to meet the B2B payment, funding and recon- ciliation needs of a wide range of verticals.
what the judges said: VPay is changing a paradigm dominated by checks with a sleek solution that the traditionally slow-moving insurance industry is embracing.
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wInners Enjoy Business H3G UBI Banca, MasterCard
Provider Pay
Ventanex