Non-bank Financial Institution Casebook

6 | The Problem As part of AXA Singapore’s corporate strategy to digitize their business, they sought to redesign their payment and collections process. In their current process, they were accepting multiple payment channels such as credit cards and checks, but each channel had its shortcomings. For instance, accepting credit card payments was costly due to Merchant Discount Rate (MDR) paid to merchant acquirers, whereas accepting checks was costly due to the need for manual processing and vulnerability to fraud. With their policyholders being increasingly digital savvy, AXA sought to create a simpler, faster and more convenient customer experience in premiums payment, while at the same time reducing friction in the company’s collection process to realize cost and time efficiencies. The Solution To realize its objectives, AXA partnered with Citi to reimagine their end-to-end payment and receivables journey. Citi’s team worked with AXA to streamline collections from policyholders by setting up the Dynamic PayNow QR solution with the Push Credit Notification API. AXA’s policyholders who purchase insurance through their online portal can now opt to pay via PayNow FAST for their insurance premiums. Upon checkout, a dynamic PayNow QR code with the transaction reference and amount embedded will be generated for policyholders to scan and pay seamlessly using their mobile banking applications. Upon successful receipt of funds instantly via FAST, Singapore’s instant payment rail, AXA will be notified via Citi’s Push Credit Notification API and inform the policyholder of successful payment. AXA Singapore A Simpler, Faster and More Convenient Customer Experience in Premiums Payment AXA Group is one of the world’s leading insurance and asset management companies, providing innovative insurance solutions for both personal and business needs. They serve 108 million clients in 57 countries globally. AXA Singapore operates as a wholly owned subsidiary of the AXA Group. AXA