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Payment Security and Compliance is Critical

Shield illustrationData and payment security is a critical concern for insurers in an era laden with identity theft, check fraud, and other exposures resulting in substantial financial and reputational damage.

Maintaining security and compliance is an ongoing, resource-intensive process. Regulatory requirements for the Payment Card Industry (PCI), the Office of Foreign Asset Control (OFAC), the IRS, and other federal/state agencies can be overwhelming and extremely burdensome for insurers.

Outsourcing these security and compliance activities can be the best solution for insurers concerned about system and resource restraints that could result in liability issues and fines.

From escheatment and 1099 reporting to PCI and Nacha compliance, One Inc can take on the time-consuming burden of meeting insurer security and compliance requirements.

 

Our Security and Compliance Features

One Inc has the security features you're looking for.

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Dual-factor Authentication

Rather than simply relying on passwords alone, which can be hacked easily, dual-factor authentication (2FA) verifies an individual’s identify by using two factors. Customers provide personal information as well as a code provided via phone or text. A third-party authenticator (TPA) generates a random code sent to the customer via email or SMS text, which they must input into the system to gain access.

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Tokenization

Tokenization is the process of turning meaningful data (such as a credit card number) into a randomly generated string of characters, often encrypted, broken up and stored in multiple locations. Even if breached, the token itself contains no value so information cannot be stolen. One Inc tokenizes both premiums and claims payment data – no sensitive payment data ever touches your network. And inbound payment instrument preferences and data can be saved and reused to make outbound payments, enabling a frictionless customer experience.

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PCI Compliance

The Payment Card Industry (PCI) established a set of security standards by which any company that accepts, stores, transmits, or otherwise processes payment card transactions must adhere. Insurers must meet different levels of security, depending on their annual credit card volume processed. By using One Inc, you are eligible for the easiest possible SAQ-SAQ A.

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Nacha Compliance

Nacha (National Automated Clearing House Association) governs the ACH Network, protecting consumers’ sensitive financial and non-financial data, including bank account and routing numbers, social security numbers, etc. One Inc has met the rigorous standards to become a Nacha Certified Third-Party Sender, demonstrating the strength of our organization’s corporate controls and commitment to risk management and compliance.

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SOC Reports

Systems and Organization Controls (SOC) are necessary for companies that touch, store, process, or impact a customer’s financial or sensitive personal information. Periodic reviews are conducted by third-party auditors to ensure compliance with security, confidentiality, privacy, and other factors. An SOC report verifies the findings. One Inc's Digital Payments Platform is compliant with the SOC 1 & 2 Type 2 framework, further demonstrating the effectiveness of our controls

Key Statistics

74%

Of 2019 payment fraud cases were from checks

2021 AFP Payments Fraud and Control Survey
25%

Global organizations keep cardholder payment data secure

2020 Oct Globe Newswire Article

Discover our platform

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PremiumPay® 2.0

Align your payment experience with core systems and securely process credit card and ACH payments.

Explore PremiumPay 2.0

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ClaimsPay®

Deliver fast, secure digital claims payments through payees’ preferred channels and methods.

Explore ClaimsPay

Want to know how it works?

Feel secure knowing that One Inc maintains the highest level of compliance.

Request a Demo