Are your payments stuck in the 80s?
Migrating your thinking and processes from the 1980s era BECS payment infrastructure to the ISO 20022 enabled, real-time capabilities of the NPP requires expertise and future-ready tech.
As a directly Connected Institution (CI) for PayTo we know the NPP inside out. And as an Australian real-time payments pioneer, we have a clear view of your real-time payments destination, and precisely how to lead you there.
It's time to ditch the cassettes and pencils, and start streaming.
Leave part-time behind
Built for a different time
Australia’s legacy BECS payments infrastructure was built in the 1980s. It reliably handles more than $15 trillion in account-to-account payments a year, but only on business days. That means that for 114 days a year — weekends and public/bank holidays — insurers cannot pay their customers their approved claim benefits. Furthermore, BECS payments can take days to settle into customer bank accounts.
Nobody likes delays
For insurers, these inefficiencies can result in delayed claim settlements, increased operational costs, frustrated customers, and a competitive disadvantage. For policyholders, slow payments can create financial hardship during critical times and negatively impact customer satisfaction.
Unfit for purpose
Part-time payments no longer cut it in a modern digital economy, nor in an industry where every second counts. The future is real-time, always-on and accessed by API. And it’s powered by Zepto.
FETCH'S
REAL-TIME PAYMENTS
A GAME-CHANGER
Australian pet insurance industry trailblazer, Fetch, delivers real-time payouts to vets as a customer experience differentiator in a booming sector.
Learn all about it
Real-time payments: A competitive advantage
Always-on
Customers demand services that are always-on, and seamless processes that complete at the speed of a click.
A 2024 Report from the US highlights that 61% of Millennials want real-time insurance payments, underscoring a demand for faster, reliable transactions. It argues that delays in payment systems, especially after crises, have driven customers to seek providers with quicker disbursement options.
Notably, more than 25% of policyholders reported switching providers to access faster payouts. Are your payment experiences driving customer churn?
Payout faster, reduce surcharging and first-payment friction.
Reduce costs
With high average transaction values (ATV), the cost of accepting premium payments via legacy methods like cards, PayPal and BPAY is significant. Payments processed using PayTo are fixed at cents per transaction, not as a percentage of the payment value. This means you can reduce or eliminate surcharges passed on to your customers while also reducing operational costs.
And with enriched data enabling automation and instant reconciliation, you can drive savings in your back office via operational efficiency, too.
Reduce first premium payment failures & friction
Zepto-powered payments are enriched with data enabling end-to-end payment status notifications in real-time. Know sooner if a customer’s first premium payment was successful or not, and accelerate the time to authenticate payment and issue a policy in seconds.
01
Seamless API Access to Speed, Safety and Security
The Zepto API is your key to future-ready insurance payments on the NPP. The NPP was built with speed, safety and security in mind. NPP infrastructure is certified to the highest data security standards and monitored 24/7-365. The NPP uses the data-rich ISO 20022 messaging format, which is the new global standard for payments systems.
Enter the Developer Zone
02
Data Integrity & Security
In a modern digital economy, the integrity of your data and information is everything. As a world-class payments infrastructure provider, you benefit from the most solid security foundations possible to reduce the risk of fraud and data breaches.
Learn more
03
Accuracy & Certainty
Zepto-powered payments are enriched with payment information, improving data quality and reducing reconciliation efforts. Policyholder accounts are validated, and payments tracked with real-time payment status notifications in the flow giving you peace of mind from go to whoa.
04
Security as a product feature
Zepto's security foundation supports and protects our payments infrastructure and the funds flowing through it. We believe that solid baseline security controls are a product feature. Under the hood, Zepto’s authentication foundation is complex, but our API is designed for easy integration. The combination of safety, speed and convenience enables Zepto's enterprise customers to innovate and safely deliver extraordinary payment experiences.
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Countdown to BECSIT
With the scheduled retirement of Australia’s legacy BECS payments infrastructure looming, you need a trusted guide in your corner. The payments future is an exciting place full of promise and innovation. Zepto knows the way. After all, we’re helping shape it. Are you planning your BECSIT?