Vitesse, a leading global treasury and payment provider for the insurance industry, is pleased to announce that the New York State Department of Financial Services (NY DFS) has granted an Authorization Certificate establishing Vitesse Trust Company, LLC based in New York City, officially launching the United States operations.
The company plans to leverage its strong track record in the United Kingdom and European markets to rapidly expand its presence in the United States.
Vitesse Trust Company, LLC (Vitesse Trust) is a limited liability trust company, chartered and regulated by the NY DFS under New York Banking Law. This approval marks a significant milestone for Vitesse, solidifying its position as a regulated financial services organization offering comprehensive solutions to the insurance industry in the U.S.
Fuelled by a recent $93M Series C funding round led by KKR, Vitesse Trust will offer a suite of fiduciary, custody, payment, and related foreign exchange services to U.S. insurance clients providing market participants with total visibility and control over their claims.
By leveraging its proprietary technology platform and integrated global network of banking and payment partners, Vitesse Trust will offer clients a seamless and secure experience. The platform enables real-time management and capital safeguarding for stakeholders across the value chain, replacing time-consuming manual processing of claims payments and reconciliations. Vitesse enables claims administrators and delegated authorities to deliver the best customer experience in claims payments.
Phillip McGriskin, co-founder and CEO of Vitesse, said of the establishment of the Vitesse Trust, “The U.S. is a key growth market for us. We are excited to introduce our innovative payment and treasury management solutions to a wider audience, we are committed to helping insurance clients transform their operations, optimize liquidity and provide their customers with a more seamless process.”
Curt Hess, Vitesse’s Executive President in the U.S., spoke about the launch, “We are thrilled to receive the approval from the NY DFS. This significant achievement allows us to continue our expansion goals in the U.S. to existing and new clients offering a more comprehensive range of services and to solidify our position as a trusted partner in the insurance industry.”