Sunday, November 27, 2011

Oriental Insurance Company - joins the ePayments route.

Oriental insurance company, is tying up with various Banks to embrace the ePayments mode completely.

This will add 6lacs+ transactions to the ePayments pool in our country, plus the additional ripples amongst it’s 15,000+employees and 50,000+associates.

OIC with its  1000+ branches spread all over India, should be looking forward to tie-up with multiple banks to completely migrate to ePayments.

First of the publicity block, is ING Vysya Bank, via a Press Release.
The Press Release can be viewed @

This is ING Vysya Bank’s second tie-up in the last couple of weeks in the ePayments arena. A couple of weeks back, it announced a tie-up with Life Insurance Corporation of India.
This continuous publicity should attract new customers towards ING Vysya Bank’s ePayments solutions.

The genesis of ePayments in Indian insurance industry, can be traced to  a July 2009, IRDA circular.
More can be read @

It took 2 years+ for major Indian insurance companies to fully appreciate the benefits of ePayments in their companies.

Chalo, better late than never.

By end 2012, all Indian insurance companies should have migrated completely to ePayments.
This will further reduce the load on Cheque Clearing in India, and also enable the policy holders to receive their funds quickly.
These funds will move into the retail market, thereby stimulating demand for products too.