Global digital services and solutions provider Coforge Ltd. on Monday said that it has collaborated with digital payments major Transcard to assist insurance companies in modernising their disbursements and collections.

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The two companies will address the payment challenges faced by insurers and other organisations in a bid to help clients by providing an all-in-one solution for disbursing and collecting payments of any type.

Coforge said that digitising the disbursements and collections of payments helps insurers to significantly reduce transaction processing costs and reduces the possibility of policy lapses through accelerated payments. It provides a better experience for policyholders as well as claimants.

Transcard offers SMART suite, a cloud-native platform that supports any digital payment method for any business application which integrates seamlessly into any legacy accounting software, enterprise resource planning, and connects with any client bank account. This helps to eliminate the need to set up a new bank account to disburse electronic payments.

Also, the SMART suite offers insurers pre-configured payment solutions for applications like premium collections, property and casualty claim pay-outs, and lienholder payments.

Shares of Coforge Ltd. are trading 0.30 percent higher at Rs 4,321.45.

(Edited by : Rukmani Krishna)