First came bartering. Next came coins, in Greece in the 7th Century B.C. And also in China. Centuries later, banknotes and cheques followed. In the 20th Century credit cards arrived. In the thick of the digital era, we now have cryptocurrency based on blockchain. As society has evolved over the course of history, so too has money. And so has the way we make payments.
Nowadays, managing financial transactions is key to any business, but obstacles can arise within larger corporations, where entrenched older methods are now completely out-of-date in handling certain transactions. This is why startup Imburse Payments has proposed revolutionising the world of transactions, closing the gap between modern payment platforms and large companies.
Their concept came about as a response to a specific need. “We were developing an app to track flights and offer instant insurance, and could see that the issue was with real-time payments. Insurance companies didn’t have the money or time to implement them. So we started to develop a solution”, explains CEO and Co-Founder Oliver Werneyer. They found that demand was high on the market and started a pilot.
Their slogan was clear: ‘Facilitating transactions’. Their platform improves companies’ capacity to move money: with easy and simple IT integration and advanced automation at a global scale. “Our application is cloud-based. We adapt to our customer’s cloud server and offer local servers. Think of us as a travel adapter plug – we have a technological structure with different blocks each company can connect to”, explains Werneyer.
Imburse Payments covers all payment systems: credit cards, bank transfers, digital wallets, and cash. “We’re working with large corporations, and we make it easy for multi-nationals like MAPFRE with complex IT systems to settle financial transactions simply. Cash in, cash out. Simple”, Werneyer sums up. The benefits include improving the customer experience, cost savings, and increased flexibility and transparency.
For insurance companies the need for these types of platforms is crucial – it means that they can implement innovative ideas and new solutions that are revolutionising the sector. With a model like Imburse’s you can optimise micro-insurance services, loyalty programmes, parametric insurance, and pay-per-use insurance models.
According to the CEO, implementing services like these poses a challenge which is primarily cultural, because it completely changes “the way we understand payments”. With the insur_space acceleration programme from MAPFRE, which the startup is taking part in, Imburse Payments wants to develop new pilots and tackle the challenges that remain. “The objective and the success stories are clear, and working with MAPFRE is going to contribute a great deal of value to us”.
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