Life Insurance Provider

Life Insurance Provider Optimizes Payments Processing With Redbridge

Challenge

A multinational insurance company with a diverse network of banks and acquiring partners across 23 countries faced challenges in achieving transparency and optimization of payment processing costs. The complexity of varying local policies and tax regulations hindered their ability to secure volume discounts. To address this, the company aimed to centralize operations and enhance visibility into acquiring fees, with a focus on navigating complex regions such as Latin America, North America, and the Caribbean.

Solution

Redbridge conducted a comprehensive data collection initiative, analyzing payment processing fees. This audit highlighted the need for a more centralized acquiring architecture. Redbridge expertly managed all negotiations with payment partners, ensuring competitive market pricing for the client, which allowed them to focus on the implementation of the new centralized payment gateway.

Results

This streamlined approach improved efficiency across all regions, achieving a 15% reduction in acquiring fees, a 70% reduction in acquiring relationships, and significantly lowered cross-border fees. International processing shifted from the U.S. to Panama, where BAC assumed the taxing burden, based on an issuer analysis showing most transactions originated from Central America. Multi-year pricing commitments ensured fee predictability and sustainability while enhancing user experience with a ‘digital-first’ payment approach.

• Global scope containing 23 countries
• 70% reduction in acquiring relationships
• 15% reduction in acquiring fees
• Optimized payments processing costs
• Streamlined regional payment gateways
• Improved transaction routing