24x7 Finance in an Always on World

Sophia Bantanidis from the Future of Finance team, Citi Institute, chats with Matt Cornwall, Head of Treasury operations, EMEA and Global Process Owners at Chubb, about the increasing adoption and impact of real-time payments, particularly within the insurance sector.

Key topics covered: 

• Drivers of Renewed Interest: Corporates now better understand the benefits beyond just speed, including the accompanying data and payment confirmation, providing certainty for both sender and recipient. Client demand, especially from younger generations and in the growing B2C market.  
• Current State of Adoption: Real-time payment networks or solutions are present in approximately 80 countries and adoption is accelerating. Large multinational corporations demanding real-time capabilities from their banks and payment clearers also drives adoption.
• Value Add in the Insurance Sector: The insurance industry is moving towards a business-to-consumer model, necessitating real-time solutions for direct consumer interactions. This innovative approach digitizes and automates claims processing using third-party data to trigger payments when specific metrics are met (e.g., flight delays, health metrics). This simplifies claims and improves customer experience. Key applications include travel, health, and even agriculture.
• Fraud Mitigation in Real-Time Payments: Manual control frameworks are insufficient for the speed of real-time payments. Automated systems are essential. Collaboration with banks and FinTech providers for solutions like account validation and confirmation of payee is crucial to mitigate fraud risk.