- Business listed in the Deloitte 50 Fastest Growing Tech Companies contracting with more than 60% of the London insurance market.
- Global network for international transactions is reimagining cross-border payments.
- “Brexit-proof” dual EU / UK regulation keeps UK businesses close to mainland Europe.
- Innovative treasury management solution streamlines liquidity provision and brings the control of millions back to insurers.
- Insurance companies are using Vitesse for seamless international payouts, improved customer experience and unrivalled treasury and reporting functionality.
Listed in the Deloitte 50 Fastest Growing Tech Companies, Vitesse is a provider of near real-time international payments and treasury management solutions for its extensive clientele across 116 domestic markets, and can make payments in 190 countries around the world.
Vitesse services insurance, financial services, e-commerce, and corporates, working with companies such as Brit Insurance, Visa, Gett and A2 & B to name a few, with its globally-distributed settlement network.
It was founded with the purpose of transforming the international payment process. Vitesse brings all reporting into one single platform which businesses can access to monitor the flow of transactions as well as set up payments and give permissioned access to all users.
It is dual-regulated with a European hub. Alongside its UK FCA e-money license, Vitesse is also regulated by the central bank of the Netherlands (De Nederlandsche Bank). This gives Vitesse the ability to continue providing domestic payment services across Europe post-Brexit and allows UK insurance companies to stay close to European customer bases.
Phillip McGriskin, CEO of Vitesse said: “After building a successful financial services business with Paul Townsend [Executive Chairman of Vitesse] which relied on creating international payment relationships for businesses to receive money; we realised that there were still multiple gaps on the other side of the transaction, the outward bound payment, and there were some very specific use cases in the areas of insurance, payroll and corporate payments where service gaps were preventing these businesses from growing to their full potential.
“Vitesse brings the strength of the global banking network together with leading technology. We give our customers unparalleled control, transparency and efficiency for the holding and management of funds and liquidity.”
How it works:
Vitesse operates by bringing together a single access point to a global network of domestic clearing systems. These domestic systems e.g. Faster Payments in the UK, are much faster and more economical than traditional international transfers which are typically slower and expensive. However, these domestic services are only available to companies holding relationships with local banks and it’s not practical for businesses to “bank everywhere” just to access payments.
Vitesse’s network of Tier 1 banks and payment partners grants access to instant domestic bank transfers and alternative settlement methods including payment to card, the ability to leverage lower payment fees and perform transactions in a range of geographies.
Vitesse also focuses on the segments of businesses that have specific issues with making global disbursements, including payroll, pensions and global mobility. Businesses with international workforces use its services as a means of paying employees through payroll companies across a variety of countries without an extensive surcharge.
Vitesse for Insurance:
Vitesse is contracted with over 60% of the London insurance market and gives them the means to make instant, low cost payments across the globe.
Working with the likes of Brit Insurance, Mayfair Group, and CEGA Group has led to the innovative solution Vitesse has built around the management of Loss Funds (monies held by a Delegated Claims Administrator (DCA) or Broker on behalf of the insurance provider), that makes the claims payment process instant for insurers and brings control of millions back to insurers globally.
Coupled with a regulated, industry audited solution which gives total control and transparency over funds, Vitesse is changing the game with claims payments and associated claims funds management by providing an efficient capital management solution. They also enable businesses to pay claims via a range of payment types globally such as bank transfer, Visa Direct, and USD eChecks.
Phillip McGriskin, CEO of Vitesse said: “The system in place was completely outdated. There was no clarity around the payment process, businesses had no direct overview of the money going out and the entire process was expensive”.
Vitesse provides insurance carriers with a market leading treasury management solution, bringing visibility and control over their funds whilst also catering for the rise of the neo-insurer. The neo-insurer has changed the pace of the traditional insurance operations model by offering fully digitised, end-to-end delivery of insurance products; Vitesse provides the innovative and instant payment solutions they need, allowing faster claims settlement and improved claimant experiences.
“Payment businesses were focused on collecting money. Now the internet is used for everything, including the payment of insurance claims and with the rise of neo-insurers, people expect the immediacy of it. They do not want to wait days or weeks for a payment to be processed but want an instantaneous transfer, and that is where Vitesse can help.”