Push to Card, Venmo, Cash: Partnership allows the payee to choose preferred method of digital disbursement
(October 13, 2021) – Today, ECHO Health Inc. and KyckGlobal, Inc. announced a partnership to expand ECHO’s digital disbursement capabilities. This partnership will further empower claimants to select their preferred digital payment method for the disbursement of claims.
KyckGlobal will provide a comprehensive technology layer to enhance ECHO’s array of digital payment options. ECHO’s additional payment options will include near real-time products PayPal, Venmo and Push to Card, as well as traditional ACH. Payees may also opt for cash: a unique code is issued to the payee via SMS text and email which the payee then shows at any one of 35,000 convenient endpoints from coast to coast to pick up cash. All payments originate from ECHO’s single point of reconciliation with integrated reporting and customer service serving as the cornerstones of the platform.
An early adopter of digital claims disbursements, ECHO now processes more than 300 million claims and pays more than $60 billion annually to providers and members from industry-leading payers. ECHO currently saves its customers over $1 billion annually through comprehensive management of the claim payment process and improves customer satisfaction by allowing consumers to choose their preferred type of payment. To accelerate further adoption of digital payments, ECHO sought out a technology solution that would add a multitude of payment rails while also offering integrated settlement and reporting, as well as embedded customer service.
“Today’s consumers expect choice and convenience throughout the customer journey, and claims payment is no exception,” said Ashish Bahl, founder and CEO of KyckGlobal. “Forward-thinking companies like ECHO Health are quickly realizing that KyckGlobal’s integrated multi-rail solution is the future of business.”
“ECHO is the leading digital claim disbursement provider in the Insurance industry,” said ECHO Vice President of Marketing Brian C. Young. “Our partnership with KyckGlobal will further position ECHO to better support the vastly underserved market of claimants, beneficiaries and insurance policyholders.”