November 10, 2008
Metavante Integrated Healthcare Benefit Account Solutions Now Include The Bancorp Bank HSA
The Bancorp Bank ("Bancorp"), a wholly owned subsidiary of The Bancorp, Inc. (Nasdaq: TBBK), and a leading provider of private label banking services to over 300 partners nationwide, announced today that Metavante (NYSE:MV), a leading provider of banking and payments technology, has added Bancorp 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.
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-directed 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.
Metavante Healthcare Payment Solutions is one of the leaders in transforming 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 combo eligibility/payment cards, Metavante enables integrated consumer benefit account management of HSA, FSA, HRA, and dependent care and transportation accounts.
About The Bancorp
The Bancorp Bank, a wholly owned subsidiary of The Bancorp, Inc. (Nasdaq: TBBK), is an FDIC-insured commercial bank that delivers a full array of financial services and products both directly and through private-label affinity partner programs nationwide. The Bancorp Bank's regional community bank division serves the needs of small and mid-size businesses and their principals in the Philadelphia-Wilmington region.
Metavante Technologies, Inc. (NYSE: MV) is the parent company of Metavante Corporation. Metavante Corporation delivers banking and payments technologies to over 8,000 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, business transformation services, and payment network solutions including the NYCE Network, a leading ATM/PIN debit network. Metavante (www.metavante.com) is headquartered in Milwaukee.
Metavante and NYCE are registered trademarks of Metavante Corporation, which is the principal subsidiary of Metavante Technologies, Inc.