UK paytech platform Blink Payment today announces its technology will be integrated into insurance software provider ParaCode’s customer platform, allowing insurance brokers to streamline and enhance their payments processes.

ParaCode provides insurance firms - including insurers, brokers and MGAs - with a range of software tools to manage claims, reporting, accounting, and other administrative tasks. The partnership with Blink Payment will now enable insurance firms to process payments through the platform, including the adoption of open banking and card payments via payment links.

Along with streamlining the payments process for insurance firms, the integration will also offer their customers a better experience, in turn helping to reduce late payments. Currently, outdated payment methods such as manual payment via phone means over one in every ten made to insurance brokers are paid late, putting strain on company cashflows and making accurate reporting a challenge for firms. Modernised payment methods can help insurance firms cut down on these delays, with research showing that payment links are paid on average three times faster than traditional invoices.

The partnership with ParaCode marks the latest stage in Blink Payment’s ongoing work with insurance companies, which constitute the platform’s largest client base. With around 1,800 insurance broker firms across the UK, the ParaCode partnership will enable Blink to expand even further into this sector and share its insurance industry payments expertise with a new cohort of customers.

Ben Cohen, CEO at Blink Payment, said: “Our partnership with ParaCode is a very exciting step in helping tackle both outdated payment methods and late payments. Insurance firms currently make up the biggest percentage of our clients and we’ve already proven how effective paytech solutions such as payment links can be for these businesses. Now, we look forward to helping many other insurance firms modernise and streamline their payments systems.”

Will Prest, Co-founder and Managing Director at ParaCode, said: “Our partnership with Blink Payment is a fantastic opportunity to pool our expertise and provide a comprehensive payments service for insurers, brokers and MGAs. I know from my own background working in insurance how convoluted and unreliable traditional payment methods can be – and the detrimental effect this can have on a business. That’s why we’re proud to now be integrating Blink Payment’s capabilities into our platform for the wider insurance industry to take advantage of.”