Through Digital Pay, claims can be reviewed, approved, and paid digitally. Customers can choose their payout method, which can be sent to a debit card, directly to the customer’s bank account, or to digital wallets, such as PayPal. When a customer opts for a digital payout, they can receive funds into their personal account in a matter of seconds.

Digital Pay is enabled by Carat from Fiserv. Carat is the unified, simple, global operating system for enterprise merchants to enable payments anywhere and anytime, optimize commerce across channels, and deliver embedded finance in ways that create new customer experiences.

“As more consumers use digital wallets to manage daily financial tasks, we’re giving State Farm customers more options for how they receive payments,” said Schuyler Schupbach, Operations Vice President at State Farm. “As an insurance industry leader, we’re always looking for ways to improve the customer experience. Together with Carat, we’re not just simplifying payouts, we’re creating better customer experiences by adding choice and convenience to the claims process.”

The ability for customers to receive claims payouts directly to their PayPal account expands on State Farm’s Digital Pay initiative announced last year. With Digital Pay, State Farm customers can choose their digital payouts option and receive funds instantly from approved claims. Our quick, seamless process eliminates payout complexity, simplifies funds disbursements, and enhances customer satisfaction.

“Carat is working with industry leading organizations like State Farm to deliver flexible digital payout solutions that people want and need,” said Casey Klyszeiko, Senior Vice President and Head of Global eCommerce and Carat. “As businesses work to create positive new consumer experiences, the ability to simply and instantly pay out funds is a significant differentiator and driver of customer satisfaction.”

“PayPal has partnered with banks, fintechs, and tech platforms alike for years to move forward our mission to expand access and increase the speed at which our joint customers can access their money. This partnership with Fiserv enables State Farm customers to receive funds within minutes into their PayPal account, which they can save, spend or transfer however they choose to resolve their claims,” said Eduardo Righi, VP, Payments Partnerships & Markets at PayPal.

About Fiserv

Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud- based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index, the FORTUNE® 500, and has been recognized as one of FORTUNE World's Most Admired Companies® for 11 of the past 14 years and named among the World’s Most Innovative Companies by Fast Company for two consecutive years. Visit fiserv.com and follow on social media for more information and the latest company news.

About PayPal

PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering 429 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.

With Digital Pay, State Farm customers will now have greater flexibility in how they receive approved and reviewed auto and fire claims payments. This technology will give State Farm the ability to digitally disperse qualifying claims payments. In turn, our customers will have the ability to choose a payment method that best suits their needs. State Farm began an incremental deployment of payout technology in February to test and tune the payment option.

Leveraging Fiserv technology, State Farm will be able to distribute reviewed and approved claim payments into customer accounts quickly and securely.

Some of the options and benefits of Digital Pay include:

• Increased speed of payment delivery
• Customer choice of payment delivery options
• Streamlined enrollment processes
• Simplified customer communications

“We believe this new capability will support our goal to personalize the customer experience and help more people in more ways,” said Schuyler Schupbach, Vice President of Property & Casualty Claims at State Farm. “As an industry leader, we are committed to ongoing transformation to meet the changing needs and expectations of customers including modernizing our technology. We are excited to introduce digital payment options through Fiserv that will simplify the claims payout process for our customers and provide added convenience.”

At Fiserv, digital payouts are part of the Carat omnichannel commerce ecosystem that securely delivers unlimited payment opportunities across the most popular channels and devices. Through simple API access, Fiserv enables clients like State Farm to easily access pre-integrated solutions – such as payouts – that allow businesses to imagine and realize new customer experiences.

“Carat is helping organizations like State Farm move money and information with the speed, flexibility, and convenience that today’s consumer demands, said Nandan Sheth, head of Carat and Digital Commerce at Fiserv. As businesses look to create positive new consumer experiences, the ability to pay out funds with the same speed and simplicity with which they are paid in can be a significant differentiator.”

In an age of fast-paced technology and the rise of FinTech firms, it is important for insurers and financial institutions to continuously invest, innovate, and evolve. State Farm is a proven innovator and continually encourages change inside and outside the industry. We’re the right company to find solutions for a future inspired by our customers, employees and the communities we serve. We are prepared for today and are always looking into the future.