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State Farm (Bloomington, Ill.) has selected digital payout technology from Fiserv, Inc. (Brookfield, Wisc.), a global provider of payments and financial services technology solutions, to accelerate the claims payout process, according to a statement from the vendor.
State Farm is incrementally deploying the digital payout technology from Fiserv, which the vendor says will enable the company to offer customers speed and flexibility in how they receive auto and fire claim payments. With the launch of State Farm Digital Pay, powered by Fiserv technology, claims that have been reviewed and approved can be paid digitally. If a claimant opts for a digital payout, funds can be received in their personal account in a matter of seconds and disbursed via the payment method that best suits their needs, including a debit card or directly to their bank account.
“We believe this new capability will support our goal to personalize the customer experience and help more people in more ways,” comments Schuyler Schupbach, VP, Property and Casualty Claims at State Farm. “As an industry leader, we are committed to ongoing transformation to meet the changing needs and expectations of customers including modernizing our technology. We are excited to introduce digital payment options through Fiserv that will simplify the claims payout process for our customers and provide added convenience.”
Carat Omnichannel Commerce Ecosystem
Digital payouts are part of Fiserv’s Carat omnichannel commerce ecosystem that securely delivers unlimited payment opportunities across the most popular channels and devices. Through simple API access, Fiserv enables clients like State Farm to easily access pre-integrated solutions—such as payouts—that allow businesses to imagine and realize new customer experiences.
“Carat is helping organizations like State Farm move money and information with the speed, flexibility, and convenience that today’s consumer demands,” comments Nandan Sheth, head of Carat and Digital Commerce, Fiserv. “As businesses look to create positive new consumer experiences, the ability to pay out funds with the same speed and simplicity with which they are paid in can be a significant differentiator.”