Metavante Enabling Auto-Substantiation of Flexible Spending Account Purchases at Longs Drugs
July 10 2006 - 8:00AM
Business Wire
Auto-approval of FSA-eligible transactions reduces need for
paper-based claims reimbursement process Metavante Corporation
today announced it is partnering with Longs Drugs to provide
automated, electronic substantiation of over-the-counter flexible
spending account (FSA)-eligible purchases for customers using
Metavante's MBI Benefits Card(TM). Metavante is the banking and
payments technology subsidiary of Marshall & Ilsley Corporation
(NYSE:MI). Metavante Healthcare Payments technology electronically
substantiates FSA-eligible purchases made at any of Longs Drugs'
477 retail stores across California, Hawaii, Nevada, Washington,
Oregon and Colorado, eliminating the need for FSA-participants
shopping at Longs to make out-of-pocket payments or submit paper
receipts for reimbursements. As paper-based substantiation and
reimbursement processes disappear, FSA administrators can gain
efficiencies associated with reductions in documentation requests
and manual transaction analysis to verify purchase eligibility.
More than 19,000 employers offer the MBI Benefits Card to their
employees, resulting in 1.8 million of the most widely used,
nationally accepted benefits debit card in consumers' hands.
Metavante's benefits debit card platform includes single-card,
multi-account electronic access to benefit accounts and has the
flexibility to support any customized set of auto-substantiation
rules. Consequently, Metavante Healthcare Payment Solutions
auto-substantiates well over 1 million transactions for benefit
account holders every month. "FSAs are a major component of
consumer-directed healthcare in America, and Metavante is dedicated
to removing obstacles to widespread adoption by making payments
more convenient for the consumer and more cost-effective for the
administrator," said John M. Reynolds, president, Metavante
Healthcare Payment Solutions. "With over 50 percent of our MBI
Benefits Card transactions occurring at retail pharmacies, the
value of our auto-substantiation service is self-evident for
retailers." Metavante Healthcare Payment Solutions enables health
plans, third-party administrators, healthcare providers and
financial institutions to support the broad-based adoption of
consumer-directed healthcare (CDHC) and improve efficiencies in
their business processes. Metavante supports flexible spending
accounts (FSA), health savings accounts (HSA), health reimbursement
arrangements (HRA), transit/parking and dependent care accounts
with a comprehensive, integrated benefit account platform and
solution suite. Offering the country's leading benefits debit card,
Metavante supports single-card, multi-account electronic access to
benefit accounts and auto-substantiation of benefit account
transactions. Metavante's retail and employer-sponsored HSA
solution, complete with investment functionality, supports online
or group enrollment, enabling employers and financial institutions
of all sizes to offer HSA programs. Metavante also offers
combination medical eligibility/payment cards, claims payment
distribution services, provider billing presentment and payment
services, and medical remittance processing. About Metavante
Metavante Corporation delivers banking and payments technologies to
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, and
electronic presentment and payment. Headquartered in Milwaukee,
Metavante (www.metavante.com) is wholly owned by Marshall &
Ilsley Corporation (NYSE:MI). Metavante is a registered trademark
of Metavante Corporation.
Marshall & Ilsley (NYSE:MI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Marshall & Ilsley (NYSE:MI)
Historical Stock Chart
From Jul 2023 to Jul 2024