CCC Information Services, an SaaS provider, is launching an enterprise payments platform for electronic payments across the insurance and automotive industry. The company aims to expand its payments capabilities to enable digital payments between insurers and their business partners. This initiative is expected to reduce administrative costs and cycle time while improving customer satisfaction, the company said.
“With the expansion of CCC Payments, we aim to eliminate two huge industry pain points: paper checks and phone calls,” said Barrett Callaghan, CCC executive vice president, markets and customer success.
The payments functionality will be integrated into CCC customers’ existing workflows, which Callaghan says will be “significant and meaningful” for the company’s collision repair and lender customers who will be able to manage receipt of their insurer payments digitally.
“CCC is excited to extend its digital capabilities to include payments, continuing to make good on the industry’s vision for straight-through processing,” he added.
Expected to launch in the second half of this year, CCC Payments transactions initiated by insurers will be processed by Nvoicepay, a third-party financial technology company and a leader in payment automation software. CCC first introduced electronic payment capabilities in 2019 for the collision repair industry.
