benefit payments and to eliminate need for paper checks.
23 October 2003 -- Mosaic Software, the global transaction processing solutions provider, today announced that its Postilion solution has been selected by Atiam Technologies to handle all aspects of card issuance and card management for the Atiam Insurance Payment Access Card, InsPac. InsPac is a family of funds access cards designed to improve and enhance the insurance benefit payment process.
InsPac is a Visa or Mastercard host-based stored-value card. It offers insurance companies a significantly lower cost-of-benefit payment processing by eliminating the expense of check issuance and processing while simultaneously generating incremental revenue and enhancing customer service. The InsPac card can be used to get cash at ATMs and to make purchases at retail locations (POS), including the Internet, telephone order, and mail order. InsPac is ideal for recipients of recurring claims payments such as workers' compensation, short-term disability, long-term disability, and annuity payments.
In addition to providing a more efficient and cost-effective method of payment distribution, the insured cardholder also benefits from increased security (through a PIN-secured card), convenience, and instant access to funds.
"The convergence of the insurance and payment industry enables new product
offerings for insurance benefit disbursement. Our product development approach is to incorporate proven payment system technology with recurring insurance payment processing while focusing our attention on the value-added features that will provide the insurance industry the best possible product solution," stated Robert Oakes, CEO at Atiam Technologies. "The core processing capabilities of Mosaic Software's products provide us with the high performance technology we wanted and the flexibility to integrate our family of card products."
"This is truly a significant step in the evolution of stored-value card applications that are perfectly suited to benefit both the customer and the issuer," said Johann Dreyer, CEO at Mosaic Software. "We look forward to working with Atiam Technologies on this project and are confident that their knowledge and understanding of insurance payments, combined with Mosaic Software's card and payment processing capabilities, will set the benchmark
for the industry."