Faster Claims Payment extends scope with 11 new currencies

1 September 2023

A woman standing and money flying in her direction

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.

“I have been involved with FCP since the pilot was completed, and it's fantastic to see its continuous evolution and the growing advantages it offers to market participants. One particularly significant improvement is the expansion of supported currencies for funding accounts. By increasing the range of currencies available, FCP becomes more accessible in various regions and applicable to a wider array of contracts. As a result, we can now provide prompt and efficient payments to a larger customer base, precisely when they require assistance. This enhancement has helped to streamline our operations and reinforce our commitment to meeting the needs of our valued clients.”
Daniel Hardy, Senior Loss Fund Coordinator, Canopius

“Since the pilot stage, we have been supportive of the FCP initiative for speedy payments to customers and increased capital efficiencies. We’ve been impressed with the how the team have adapted to the London market’s intricacies, to deliver a great product. We love the collegiate spirit that Lloyd’s have shown in leading this work, and working with the market, to address and overcome difficulties as they arise.”
Andrew Johnson, Delegated Authority Oversight and Ops Support, Atrium

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