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Metavante adds Bancorp Bank HSA as integrated healthcare benefit account option

10 November 2008  |  2318 views  |  0 Source: Metavante

Metavante (NYSE:MV), a leading provider of banking and payments technology, today announced The Bancorp Bank as another integrated health savings account (HSA) custodian option within its suite of healthcare benefit account payments solutions.

Through this arrangement, Metavante Corporation can offer health plans and third-party benefit administrators (TPAs) another top 10 HSA financial custodian solution fully integrated with Metavante's BenSoft benefits administration and payment platform already used to manage all other consumer benefit accounts - flexible spending accounts (FSA), health reimbursement arrangements (HRA) and transportation/parking accounts. The Bancorp Bank is a wholly owned subsidiary of The Bancorp, Inc. (Nasdaq:TBBK).

With Metavante and the integrated Bancorp solution, health plans and TPAs can enable account holders to manage all benefit accounts through a single Web site and access their benefit dollars with a single benefit debit card. Bancorp's HSA solution, much like Metavante's online account management portal and benefit debit card, features a private-label format that allows health plans and TPAs to incorporate their brand through all points of consumer interaction.

"The Bancorp Bank and Metavante have a shared vision of delivering products that position our clients, in this case health plans and TPAs, to better compete in their marketplace," said Jill Kelly, senior vice president, Healthcare, The Bancorp Bank. "The Bancorp Bank entered the HSA marketplace early, and that allowed us to establish an enduring market leadership position. We've maintained that status by listening to our clients in an effort to better meet their needs. Health plans and TPAs are active in consumer-directed healthcare (CDH) accounts, and they want to offer HSAs, but there's a hesitation if the supporting technology doesn't allow an account holder to see all their balances and manage their accounts in one place, and to access all their funds with one card. Bancorp and Metavante have solved that problem, have enabled the health plan or TPA brand to be out front, and have done so with an HSA already widely embraced by the marketplace."

"The growth of consumer-diiirected healthcare, including HSAs, demands interoperability between all account types. Health plans and TPAs heard that request from their clients and shared those needs with us," said John Reynolds, division president, Metavante Healthcare Payment Solutions. "Metavante has created a single-source benefit administration and payments platform for health plans and TPAs, and it's designed with the best possible consumer experience in mind. It's fully capable of pulling together all of a consumer's benefit account information. Consumers get the tightly integrated online account management and a single benefit debit card for all accounts. Health plans and TPAs benefit from a compelling efficiency-play featuring painless integration of Bancorp's market-leading HSA with their current CDH account offerings, including the simple addition of an HSA purse to their existing WealthCare benefit debit card from Metavante."

Through its WealthCare Portal, Metavante delivers a benefit administration and payment platform (Metavante's BenSoft) that begins with a combined Web-based on-boarding process for health plan enrollment and opening associated benefit accounts. Additionally, WealthCare Portal makes available an online library of the health and wealth educational information/decision-support tools that consumers need to make consumer-directed healthcare work for them. By pulling together all of a consumer's benefit account enrollment and account management information in a single Web-based environment and benefit debit card, Metavante helps health plans and benefit administrators automate their processes, potentially reduce costs and create a compelling consumer-facing Web presence.

The Bancorp Bank's HSA features deposit products and integrated self-directed investment accounts, along with free online enrollment and account management including bill payment. Account holders can also access their funds with a benefit debit card or checks and they have access to 24/7 customer service. Benefits to health plans and TPAs include a feature-rich, private-label HSA solution featuring batch and online enrollment, an integrated investment solution, the ability to add an HSA "purse" to Metavante's WealthCare Card instead of issuing a new benefit debit card, IRS/regulatory reporting, contribution and funds distribution tracking, and an integrated HSA deposit and investment statement generation by Bancorp.

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