What’s holding insurers back from electronic payments?

epayPaper checks are definitely on the way out. There were 49.5 billion checks issued in 1995, falling to 30.5 billion in 2006, and just 24.5 billion in 2009, according to the Federal Reserve. Switching to electronic payments can be a major money saver. The U.S. Treasury switched to direct deposits and debit cards and retired paper checks. It’s expected that the move will save taxpayers $1 billion over the next decade. Continue reading