Genius Avenue, a benefits administration company, has teamed up with fintech firm Usio to fuel its new fintech solution targeted at regulated enterprise businesses.
The solution is specifically intended for insurance, benefits, and healthcare administration.
Based in the US, Usio operates a suite of integrated, cloud-based electronic payment and embedded financial solutions in a single ecosystem. It caters to various merchants, billers, banks, service bureaus, and card issuers.
By utilising Usio’s technology, the new solution from Genius Avenue will offer a range of payment capabilities.
These include automated clearing house (ACH) payment processing and a prepaid card programme for digital disbursement, and other financial management tools such as commission automation.
All the capabilities will be incorporated into Genius Avenue’s advanced member management and sales platforms.
Usio CEO Louis Hoch said: “We are excited to be entering into this partnership with Genius Avenue, one of the fastest growing and most innovative companies in their industry.
“Utilising our comprehensive suite of payments technologies, Genius Avenue can offer their end users a wide variety of payment and disbursement channels, with the comfort that comes from knowing it is supported by a cutting-edge payment platform that meets security requirements demanded of regulated enterprises.”
The partnership between Genius Avenue and Usio is expected to increase the value delivered to end users by improving the financial capabilities as well as the experience of customers.
Besides, the collaboration will enable Genius Avenue to provide businesses with enhanced financial technology solutions such as commissions and incentives, payments facilitation, PayFac+, point of sale lending, and digital disbursements.
Genius Avenue marketing vice president Liam Maddock said: “We are thrilled to partner with Usio and leverage their advanced payment processing capabilities. Genius Avenue is set to redefine the member experience by offering unparalleled efficiency and flexibility in financial transactions.
“Together, we are forging a path that will transform the insurance, benefits, and healthcare industries, driving value for our clients and their customers alike.”
