FWD Insurance Singapore and DBS Bank have linked up to enable electronic payment of claims across a wide range of the insurer’s products, effective immediately.
According to the insurer, the move is in line with the Singaporean government’s push for wider adoption of electronic payments and greater digitalisation. The new system will harness DBS’s new application programming interface (API), known as DBS IDEAL RAPID, which will cut payout times from five days to one day upon approval of claim. All payouts through the API will have a cap of SGD$50,000 per transaction.
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