Credit technology provider Abound has launched a new premium finance platform.

Using continuous payment authority Defray is designed to ensures real-time transaction data, simpler onboarding journeys and enhanced fraud protection – making it particularly well-suited to the motor insurance sector.

The API-based platform integrates with existing broker management systems, and allows users to offer premium finance and card payment options through one connection.

Christopher Rees, head of Defray, said: “Motor insurance premiums have climbed sharply, driven by inflation and increased claims and administration costs. And despite its size and importance, the insurance sector has lagged behind other financial services in adopting new technologies and passing tech-derived benefits onto consumers.

“Defray is a game-changer, bringing transformative innovations to brokers: instant payments. Replacing slow direct debits with real-time, trackable payments reduces fraud and bad debt while improving operational efficiency.”