Fiserv, Inc. (NASDAQ:FISV), a leading provider of technology solutions, announced today that it has been selected by Huntington National Bank (NASDAQ:HBAN) to offer health savings account (HSA) services to the individual and business customers the bank serves. Fiserv's comprehensive healthcare banking solution, which derives its functionality from the products and services of a vast array of healthcare, banking and payment assets, will be made available as a totally outsourced solution for the $35-billion regional bank holding company headquartered in Columbus, Ohio.
"Providing health savings accounts is essential to our ability to offer a full range of products and services to meet the needs of our customers. After considering a number of potential partners and undergoing a rigorous selection process, we chose Fiserv to implement our HSA program," said Guy Molde, senior vice president for Huntington. "Fiserv's knowledge of the healthcare market, its resources, and its well-established expertise in working with banks will enable us to provide health savings accounts to our customers, with superior service at an affordable price."
The components of the Fiserv healthcare banking solution are provided by a team of Fiserv companies with the expertise to assemble a combination of services that best meets the needs of any financial institution and its customers. As the technology foundation for the entire solution, Huntington is deploying HSA account processing software, end-to-end outsourcing solutions, front-line customer support, back-office and operational systems, as well as a customer call center. Fiserv also provides the Internet banking delivery components, administrative services, ATM and electronic funds transfer services, item processing, and card production services.
Huntington will offer HSAs directly to consumers, and through employers. "Our focus will be on offering HSAs to the employees of our business and commercial clients. Through our insurance group, we will also work together with third-party administrators and healthcare providers. In addition, individuals will be able to obtain information and self-enroll via our website," said Molde. "We are confident that with Fiserv's experience in both healthcare and banking, our customers will receive the high level of service they expect from Huntington."
"This is a prime example of 'Fiserv 2.0' at work," said Fiserv senior executive vice president & chief operating officer Norm Balthasar, citing the company's recently announced initiative to enhance client success by leveraging the combined expertise of Fiserv's various business units. "By bringing this kind of teamwork to bear as an extension of Huntington, we're able to offer them more value, opportunity and growth, through the technologies and services needed to provide their customers with the industry's finest consumer-driven healthcare banking."
Balthasar said the relationship with Huntington benefits both organizations. "With the addition of HSA accounts, Huntington will be a stronger competitor in its markets. For Fiserv, the agreement further expands our leadership position in HSA banking and illustrates the value our comprehensive and integrated solutions bring to our clients."