The idea is to disburse payments quickly using an email address or mobile phone number to policyholders willing to be paid utilizing Allstate’s "Fast Mobile e-Payment" service. According to Allstate, this solution eliminates snail mail and lost checks and is faster than all electronic funds transfers and other existing methods.
"We are proud to be one of the first banks to offer this electronic business-to-consumer payment solution," says Bank of America Merrill Lynch Head of Global Payments Ather Williams. "Allstate and their customers may benefit greatly from the speed and convenience this solution provides."
To participate, customers have to agree to be paid by the Fast Mobile e-Payment service and Allstate will send their contact information to Bank of America Merrill Lynch. After confirmation and registration, the consumer will automatically receive payments into their account.
With this new service, the “You’re In Good Hands With Allstate” slogan is setting the standard for digital claims payments.
