In 2022, QBE had developed an online payment collection solution, Payfast, where intermediaries could use QBE’s agent portal to search for a policy, and check for outstanding premiums. They could subsequently trigger an email to customers containing a payment link to pay premiums, which are then automatically reconciled. However, as payment methods were limited to credit cards, QBE approached its banking partner HSBC Singapore to expand Payfast’s capabilities with PayNow QR support.
Part of HSBC’s Omni Collect proposition, PayNow QR allows customers to simply scan a QR code and pay QBE via PayNow, Singapore’s real-time payment network, without the need to fill in any payment data. This is accomplished through the solution’s API connectivity, which allows dynamic QR codes containing the amount owed by the customer to be generated and sent to them upon selecting PayNow QR as their preferred payment method on Payfast. Altogether, this provides greater speed and convenience on payments.
Each payment is credited to QBE’s accounts in seconds, and comes with a reference automatically populated in the transaction data. This provides visibility on the origin of each payment, creating a fully automated reconciliation process. Payment status can also be checked in real-time via the solution’s Status Enquiry API, helping provide instant query resolutions for intermediaries and customers on payments.