Metavante Provides Support for the Harris Health Savings Account
12 July 2007 - 10:05PM
Business Wire
Metavante Corporation today announced it is providing the
technology and support for a comprehensive health savings account
(HSA) solution to Harris N.A., which recently launched its Harris
Health Savings Account in both the individual and commercial HSA
markets. Harris N.A. is the third-largest bank in the Chicago
market. Metavante is the banking and payments technology subsidiary
of Marshall & Ilsley Corporation (NYSE: MI). Seeking to help
enable the broad-based adoption of HSAs and gain access to a new
pool of deposits, Harris looked to Metavante Healthcare Payment
Solutions for all the technology, operational and back office
servicing needed to support its HSAs. Metavante provides
account-opening (including online and mass enrollment)
functionality, fulfillment of welcome kits, deposit account and
debit card processing, call center services, automated HSA debit
card personalization and fulfillment, Metavante eBanking for online
account access and call center support. Information Strategies,
Inc., a Ridgefield, N.J., firm tracking HSA growth, found
marketplace HSA volume tripled to 3.6 million accounts during 2006,
amounting to a cumulative $5.1 billion of new deposits for
financial institutions. Those numbers are projected to increase
respectively to 8 million and $13.6 billion during 2007, the firm
says, and financial institutions are taking notice. While their
estimates indicate 1,200 banks and credit unions currently offer
HSAs, Information Strategies expects that number to double by the
end of 20071. �HSAs and healthcare payments are new areas for banks
and require new technologies and processes. With a market-proven,
wide-ranging HSA solution in its suite of payment products,
Metavante offered the expertise, functionality and an
implementation process that enabled speed-to-market for Harris� HSA
product,� said Cynthia Ullrich, senior vice president, Harris
Business Banking. �HSAs are a consumer-facing product, and
financial institutions need to ramp up quickly to gather this new
source of deposits. By helping large banks like Harris and other
major financial institutions offer HSAs, Metavante makes a powerful
value statement around its HSA capabilities,� said John Reynolds,
president, Metavante Healthcare Payment Solutions. �In addition to
community and regional banks, Metavante equips even the largest FIs
to enable broad consumer adoption of HSAs, and they don�t need to
be Metavante core processing clients. Our broad HSA solution
mitigates operational risks that exist around launching a new and
largely seasonal product for any financial institution, regardless
of which vendor provides core IT support.� By the close of open
enrollment 2006, nearly 150 financial institutions had chosen
Metavante�s HSA platform, which posted an annual growth rate of
160% in terms of HSA volume. In addition to its HSA solution,
Metavante also provides Harris with card processing for debit,
prepaid and ATM cards, ATM driving, card production and
fulfillment, and check image solutions. Metavante Healthcare
Payment Solutions is helping transform the healthcare payments
industry by accelerating the exchange of information and funds
between patients, payers, providers and financial institutions.
Forging new connections between payment and data systems to quicken
the claims process, Metavante expedites benefits eligibility
verification, claims substantiation, medical remittance processing,
and payment and explanation of benefit distribution. With
Web-enabled tools, an HSA platform, multi-purse benefit debit cards
and combination eligibility/payment cards, Metavante enables
integrated consumer benefit account management of HSA, FSA, HRA and
dependent care and transportation accounts. About Harris Harris is
an integrated financial service organization providing more than 1
million personal, business and corporate clients with banking,
lending, investing and wealth management solutions. The
organization is a member of the BMO Financial Group (NYSE, TSX:
BMO), which also provides corporate and investment banking services
in the U.S. under the BMO Capital Markets name. About Metavante
Metavante Corporation delivers banking and payments technologies to
over 8,600 financial services firms and businesses worldwide.
Metavante products and services drive account processing for
deposit, loan and trust systems, image-based and conventional check
processing, electronic funds transfer, consumer healthcare
payments, electronic presentment and payment, and business
transformation services. Headquartered in Milwaukee, Metavante
(www.metavante.com) is wholly owned by Marshall & Ilsley
Corporation (NYSE: MI). On April 3, 2007, Marshall & Ilsley
Corporation announced its plans to split Metavante Corporation and
Marshall & Ilsley Corporation into independent publicly traded
companies. 1 Information Strategies, Inc. Ridgefield, N.J.
Metavante is a registered trademark of Metavante Corporation.
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