Fintech News: Setoo Partners With SafeCharge on Seamless Payments

SafeCharge (LON:SCH) – the partner of choice for businesses who demand more from payments technology – announces its integration with insurance and protection-as-a-service company Setoo.

Setoo has integrated SafeCharge’s technology to facilitate multi-directional payment processing through its platform, enabling the seamless transfers of funds and avoiding the need for any complicated insurance claim processes. Some of the more traditional insurance products focus on standard cancellation packages, involving lengthy and cumbersome processes that rarely entice consumers into purchasing insurance protection. Setoo is disrupting the insurance market with its parametric insurance products, which enable e-businesses to create and sell personalised insurance products that require no claim process from the consumer.

Through Setoo’s platform, e-businesses can quickly and easily integrate these simple insurance products into their customers’ journey with compensation dispensed automatically. The platform enables e-businesses to protect its customers against exogenous events that can ruin their experience, such as missed flight connections, lost parcels and adverse weather conditions.

“Payment technology plays an extremely crucial role in the smooth running of our platform” stated Eyal Gluska Co-founder & Co-CEO of Setoo. “A key differentiator for us is our ability to improve customer experience by removing the need for any claim process and providing immediate compensation. SafeCharge’s technology enables us to manage our transaction flows securely and efficiently without the need to rely on multiple providers for pay-in and pay-out, and it empowers automatic payment of compensation at a crucial moment in the consumer journey”.

“We are excited to support Setoo in its mission to revolutionise the insurance world with parametric-based products” explained Yuval Ziv, CCO of SafeCharge. “Payments have become a strategic differentiator for modern organisations and a secret sauce of innovation. Thanks to our proven technology, Setoo can enable e-businesses to generate vital ancillary revenue opportunities and provide the utmost customer experience. We look forward to working with the team and drive innovation across the insurance industry.”

About SafeCharge

SafeCharge International Group Limited, is the payment service partner for the world’s most demanding businesses. SafeCharge provides global omni-channel payments services from card acquiring and issuing to payment processing and checkout, all underpinned by advanced risk management solutions. This fully featured proprietary payment platform connects directly to all major payment card schemes including Visa, Mastercard, American Express and Union Pay as well as over 150 local payment methods. With offices around the world, SafeCharge serves a diversified, blue chip client base and is a trusted payment partner for customers across a range of vertical markets. The company has been listed on the London Stock Exchange AIM market since 2014.

For more information see: http://www.safecharge.com/

About Setoo
Insurance and protection-as-a-service platform Setoo turns insurance into a powerful business accelerator. Drawing on Setoo’s strong insurance expertise, e-businesses are supported to deliver personalised insurance solutions, which generate new revenue streams by transforming the customer experience. Setoo has headquarters in London, an insurance center in Paris, and a research and development centre in Tel Aviv. The company’s Co-CEOs, Noam Shapira and Eyal Gluska – both veterans of the Israeli high-tech scene – lead the team along with Pierre-Olivier Desaulle, Setoo’s Chief Insurance Officer. To find out more visit www.setoo.com

Setoo is backed by Kamet, AXA’s Insurtech startup studio.

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