HashCash comes up with an Insurance-variant of their originally financial ACH service. The inclusive design reduces the risk of fraudulence
The global blockchain development company HashCash Consultants announces an extension of their native ACH operations to now include insurance companies. The Insurance variant of the originally financial ACH solutions is set to be launched in September 2021.
The function of a clearinghouse is to stand between two clearing firms (also known as member firms or participants) with the purpose of reducing the risk of a member organization failing to honor its trade settlement obligations.
“HashCash ACH was originally designed as a financial clearinghouse service targeted at banks and financial institutions,” remarked Raj Chowdhury, CEO, HashCash Consultants.
“New ACH goals attempt to cover the clearinghouse functions of the insurance sector.”
Automated Clearing House (ACH) functions involve the layering of advanced technologies and robust networking to steer clear of fraudulence and implement seamless payment processing between the member firms. The HashCash product in the form of a flexible ACH payment API allows businesses to transfer or receive funds from the customer’s end to facilitate ACH payment between users. Insurance companies may avail of the ACH to receive payments from insurers. At the same time claimants, too, may easily realize their claims through this application.
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The software integrates such features as flexibility, customization, privacy, security and comes at a significantly lower price compared to legacy services.
“HashCash products stand out in terms of their scalability and extensibility. This renders our solutions foremost in customization, flexibility, and ease of integration,” added Chowdhury.
HashCash, as a proponent of innovation based on blockchain, aims to never settle for a superior design; rather working on fine-tuning and incorporation of updated modules to keep up with technological advancement.
