Metavante Corp., the banking and payments technology subsidiary of Milwaukee-based Marshall & Ilsley Corp., today announced the availability of its redesigned health savings account (HSA) solution system.
Reengineered to reflect the findings of Metavante-sponsored research detailing what consumers look for when researching and using HSAs, Metavante's HSA solution now features multiple enhancements, including deep education and health care decision support tools, coupled with the ease of online enrollment - all delivered through a Web-based portal.
"Information and education have always been the keys to HSA success. Industry research has proven that, with the right information, consumers are more likely to embrace HSAs. The product will succeed in proportion to the clarity of education around HSAs and making them easy to understand, access and use," said John Reynolds, division president of Metavante Healthcare Payment Solutions. "Understanding these concerns, we're empowering our HSA custodian clients to provide clear messaging that highlights the purpose and benefits of HSAs. We're giving them the financial calculators that enable consumers to get meaningful previews of how much they can save and learn if an HSA will work for them. We also drastically reduced many of the enrollment process inefficiencies - and we've done all this online."
The system's enhancements include: audience-specific HSA portals: integrated online HSA enrollment, account access and account management; expanded investment functionality: flexibility with multiple investment options and models, as well as automated deposit to investment sweeps; access to both deposit and investment cash balance with a single Metavante benefits debit card; and enhanced record-keeping for regulatory reporting.
Metavante upgrades HSA portal system
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