As more managing agents transfer binders across to the award-winning Faster Claims Payment (FCP) solution, Vitesse, LIMOSS, Lloyd’s and the FCP market groups continue to prioritise ways to improve the process and outcomes, and increase the capacity of FCP to process more claims quickly and efficiently.
FCP can already pay claims to policyholders in 100+ currencies and more than 170 countries and territories. We are pleased to announce that managing agents can now also create funding accounts – central accounts held with Vitesse to fund the payment of these claims – in 11 new currencies:
- AUD (Australian Dollar)
- CHF (Swiss Franc)
- DKK (Danish Krone)
- EUR (Euro)
- HKD (Hong Kong Dollar)
- JPY (Japanese Yen)
- NOK (Norwegian Krone)
- NZD (New Zealand Dollar)
- SEK (Swedish Krona)
- SGD (Singapore Dollar)
- ZAR (South African Rand)
This significant improvement to the FCP service provides greater flexibility and cost-effectiveness across the claims payment process. Topping up funding accounts created in these currencies, as well as the existing available currencies USD, GBP and CAD, won’t incur FX fees when transferring money in the same currency.