PNC Bank has broadened its Treasury Management offering to include a new solution for property and casualty insurance payments, extending the capabilities of its Claim Payments & Remittances (CPR) platform that has supported healthcare‑related insurance payments since 2018.
The new platform delivers multiple electronic payment options, including instant payments, and provides tailored remittance details to every party involved in a claim—from policyholders to body shops and contractors. The expansion is the result of a partnership with ECHO Health, Inc., whose claims technology is integrated with PNC’s payment rails. Tom Lang, head of Treasury Management Product Operations, said, "Insurance payments don't follow a one‑size‑fits‑all model, especially in property and casualty claims. By combining ECHO's best‑in‑class claims technology with PNC's payment rails, we're providing insurers a more efficient way to deliver payments and remittance details to every party involved in a claim — from policyholders to body shops and contractors."
PNC’s move into the property and casualty market leverages its existing technology to address a complex, multi‑party payment environment that has traditionally been served by a limited number of providers. By offering a regulated financial institution alternative, the bank aims to capture a share of the market and provide insurers with faster, more transparent payment solutions. The expansion also reflects PNC’s broader strategy of applying its payment infrastructure across industries to create new revenue streams.
The CPR platform’s history of supporting healthcare payments and its prior collaboration with Erie Insurance Group for ePayments using Zelle® demonstrate PNC’s experience in managing complex insurance payment ecosystems. The partnership with ECHO Health extends that expertise into the property and casualty space, positioning PNC to deliver a comprehensive, end‑to‑end payment solution for insurers.
The launch signals PNC’s commitment to digital transformation and cross‑industry application of its Treasury Management services, potentially opening new growth avenues in a market that values speed, transparency, and regulatory compliance.
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