One Inc, whose digital payments network serves the insurance industry and already connects more than 1.3 million vendors and providers with over 320 carriers, has launched XpressOne™, a major enhancement to that network. Vendors and providers can now choose to join XpressOne for faster payments and simpler reconciliation, with features that include self-service payment management, automated routing by location, carrier or tax identification number (TIN), custom reporting, and real-time visibility.

XpressOne is purpose-built for the complex workflows of insurance claims. For vendors that receive payments from many carriers across numerous locations and tax identification numbers, the platform replaces a fragmented, high-friction process with a single, connected experience that gives them more control with far less manual work.

Two payment modalities are designed to get funds to vendors even faster: XpressOne ClaimsCard, a flexible card-based option, and XpressOne Direct, which deposits funds straight into the vendor's bank account. Support for RTP and FedNow is coming soon. Those two names refer to the U.S. instant payment rails — RTP, operated by The Clearing House, and FedNow, run by the Federal Reserve — and their arrival is the near-term capability milestone to watch, since it would extend the platform's fastest-payment options beyond the card and direct-deposit modalities available at launch.

Unlike bank rails and bill pay networks that simply move money, the company says XpressOne runs on the only payments network built exclusively for insurance — a foundation no competitor can replicate. As that network grows, the value XpressOne delivers for all parties grows with it.

“A vendor shouldn't have to reconfigure their enhanced payment solution every time a different carrier sends them a payment,” said Eileen Carlin, Chief Network Officer at One Inc. “That's the inefficiency XpressOne was built to eliminate. By connecting vendors to a shared network and giving them a single place to manage enhanced services and data, we're helping remove friction that has existed in the industry for far too long.”

For carriers, the value is direct: XpressOne reduces friction with vendors. Having a single place for vendors to manage their own payments means fewer stop-payments, reissues and escalations, and fewer routine payment calls to the service center. By resolving more of the reconciliation issues vendors face, the platform also drives greater digital payment adoption. And because vendor payments move faster, carriers can resolve claims sooner, building vendor loyalty and a better experience for policyholders awaiting repairs, services or claim fulfillment.

“Insurance payments are ultimately network challenge, and the value of that network extends to all industry participants,” said Ian Drysdale, CEO of One Inc. “With XpressOne, we're bringing the power of our network directly to the vendors and service providers who help keep claims moving. By giving them better tools for managing claim payments, we're helping insurers reduce friction at every point of the claims ecosystem while improving outcomes for everyone involved.”

Source: Global FinTech Series