One Inc and U.S. Bank Partner to Modernize Payment Solutions for Insurance Carriers and Policyholders

Rhea-AI Summary

U.S. Bank and One Inc have announced a strategic partnership to modernize payment solutions for insurance carriers. The collaboration integrates U.S. Bank's money movement and banking capabilities with One Inc's ClaimsPay® and PremiumPay® solutions to enhance claims and premium processing. One Inc's Digital Wallet will enable multiple payment channels, including credit/debit cards, Apple Pay®, Google Pay™, PayPal™, Venmo, and ACH transactions. The partnership aims to accelerate instant payments within the insurance industry, leveraging U.S. Bank's experience with the RTP Network® and FedNow® Service.

Positive

• Partnership with major financial institution (U.S. Bank) expands payment capabilities
• Access to U.S. Bank's instant payment infrastructure (RTP Network® and FedNow®)
• Integration of multiple digital payment channels enhancing customer convenience

Negative

• None.

Insights

Fintech Analyst

This strategic partnership represents a significant technological advancement in insurance payment infrastructure. The integration of U.S. Bank's established payment rails with One Inc's specialized insurance payment solutions creates a robust ecosystem that could substantially improve operational efficiency and reduce processing costs for USB.

The collaboration's focus on instant payments through RTP Network® and FedNow® positions U.S. Bank to capture a growing market segment, as insurance companies increasingly demand faster settlement solutions. The Digital Wallet integration across multiple payment channels (credit/debit, Apple Pay®, Google Pay™, PayPal™, Venmo, ACH) expands USB's competitive advantage in the insurance payments space.

The partnership aligns with USB's digital transformation strategy and could generate new revenue streams through transaction fees and enhanced service offerings to insurance clients. With U.S. Bank's $686 billion in assets providing strong financial backing, this initiative could significantly impact their payments business segment growth.

New alliance offers comprehensive payment technology and a range of banking services

FOLSOM, Calif.--(BUSINESS WIRE)-- One Inc, the leading payments network for the insurance industry, announced today a partnership with U.S. Bank aimed at delivering a comprehensive, unified payment experience for Property & Casualty (P&C) and Life insurers. The collaboration will provide the seamless integration of U.S. Bank’s leading money movement and banking capabilities with One Inc’s best-in-class ClaimsPay^® and PremiumPay^® solutions to optimize claims and premium processing experiences for customers.

U.S. Bank is one of the largest commercial banks in the United States. Its strength, stability and deep experience in payments and insurance will improve complex claims and premium payment processes for mutual carrier customers. In addition, with One Inc’s Digital Wallet, insurance carriers can streamline payment processes across multiple channels, from credit/debit cards to Apple Pay^®, Google Pay™, PayPal™, Venmo, and ACH transactions.

In the future, the partnership will help accelerate the use of instant payments within the insurance industry. U.S. Bank was part of the first payment on the RTP Network^® and a launch partner of the FedNow^® Service. By combining U.S. Bank’s instant payment capabilities with One Inc’s insurance-focused Digital Payments Network, the collaboration will allow insurance carriers to deliver faster payment solutions for outbound claims disbursements.

"Both U.S. Bank and One Inc are dedicated to elevating the insurance payment experience, making it simpler and more efficient for insurers and their policyholders,” said Ian Drysdale, CEO of One Inc. “Together, we’re eager to empower carriers with streamlined solutions that support their financial objectives and deliver a more connected payment journey. This emphasizes our strengths to modernize the insurance payment landscape while offering a unified platform for both incoming and outgoing payments."

"We're excited to partner with One Inc, a technology leader delivering innovative solutions for insurance carriers nationwide," said Mike Jorgensen, Head of Emerging Solutions and Strategy in Global Treasury Management at U.S. Bank. "By bringing the payment capabilities of One Inc and U.S. Bank, we can create even more value for our insurance clients and respond to the evolving needs of their policyholders.”

About U.S. Bank
U.S. Bancorp (NYSE: USB), with more than 70,000 employees and $686 billion in assets as of September 30, 2024, is the parent company of U.S. Bank National Association. Headquartered in Minneapolis, the company serves millions of customers locally, nationally, and globally through a diversified mix of businesses including consumer banking, business banking, commercial banking, institutional banking, payments, and wealth management. U.S. Bancorp has been recognized for its approach to digital innovation, community partnerships and customer service, including being named one of the 2024 World’s Most Ethical Companies and Fortune’s most admired superregional bank. Learn more at usbank.com.

About One Inc
One Inc is modernizing the insurance industry through a unified and frictionless payment network. Focusing only on the insurance industry, One Inc helps carriers transform their operations by reducing costs, increasing security, and optimizing customer experience. The comprehensive end-to-end digital payments platform provides expanded payment options, multi-channel digital communications and rapid digital claim payments, even for the most complex insurance use cases. As one of the fastest growing digital payments platforms in the insurance industry, One Inc manages billions of dollars per year in premiums and claim payments.

For more information, please visit www.oneinc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241121297224/en/

Media:

Will Link

Stanton Public Relations & Marketing

oneinc@stantonprm.com

(646) 502-3570

Source: One Inc

FAQ

What is the purpose of U.S. Bank's partnership with One Inc?

The partnership aims to modernize payment solutions for insurance carriers by integrating U.S. Bank's banking capabilities with One Inc's ClaimsPay® and PremiumPay® solutions, enabling more efficient claims and premium processing.

What payment methods will be available through One Inc's Digital Wallet in the USB partnership?

The Digital Wallet will support credit/debit cards, Apple Pay®, Google Pay™, PayPal™, Venmo, and ACH transactions.

How will the U.S. Bank (USB) and One Inc partnership improve insurance payments?

The partnership will enable faster payment solutions for outbound claims disbursements by combining U.S. Bank's instant payment capabilities with One Inc's Digital Payments Network.