Guidewire platform users will have access to instant payment options PayTo and PayID under a new partnership with insurtech Monoova.

The integration will give insurers using Guidewire BillingCenter in Australia access to Monoova’s full suite of payments options, including direct debits until the Bulk Electronic Clearing System (BECS) is retired in 2030 and they are phased out.

Monoova CEO Christian Westerlind Wigstrom says Australia’s insurance industry faces payments-related challenges.

“Products like PayTo can immediately help to address these. We applaud Guidewire for taking a forward-looking approach by ensuring every one of its insurance company customers is ready for the phasing out of BECS well ahead of the 2030 deadline.”

Monoova has designed an end-to-end payment solution that can support insurance companies with seamlessly receiving, paying and managing funds. 

It says instant payments could resolve the industry’s “significant reconciliation challenge” and delays between claims acceptance and claims payment, which add to administration expenses and tie up staff. 

“Having a single vendor provide all domestic payments rails will slash vendor cost and complexity, while ensuring no customers are left in the lurch by individual insurance companies suddenly turning off familiar options like direct debits,” it said.

Guidewire VP technology alliances Will Murphy says customer satisfaction, convenience and trust are “primary goals of every insurance company”. 

“This transition must also be done with customers front and centre – which is exactly what we believe Monoova’s new future-proofed payments capability has been designed to achieve.”