Mellon and MBI to Provide Health Savings Account as Part of Consumer-Driven Product Suite Provides Health Plans and Third Party Administrators With a One-stop Source for all Spending Account Products, With the Consumer Convenience of Benefits Debit Cards RIDGEFIELD PARK, N.J. and WALTHAM, Mass., Dec. 6 /PRNewswire-FirstCall/ -- Mellon Financial Corporation and MBI today announced they have signed a letter of intent to offer health plans and third party administrators a Mellon health savings account (HSA) combined with the recognized convenience of the MBI Benefits Card(TM). The alliance joins together the expertise of Mellon's Human Resources & Investor Solutions (HR&IS) business and the market leadership of MBI, an employee benefits software company that offers the first and most widely used benefits debit card. It will provide a one-stop source for health plans and administrators seeking to provide a full consumer-driven healthcare product suite. Mellon and MBI will offer health plans and third party administrators (TPA) a single source to establish HSAs as well as to process, track and transfer payments for these accounts. In addition, health plans, TPAs and employers can offer employees easy access to their HSA funds with the MBI Benefits Card. The same card can also be linked to additional benefit accounts or "purses" including health reimbursement arrangements (HRA), flexible spending accounts (FSA), transit/parking and dependent care accounts. "HSAs represent a powerful new approach for addressing spiraling health care costs," said James D. Aramanda, Mellon vice chairman and head of its HR&IS business. "Together, Mellon and MBI will conveniently provide health plans and third-party administrators with a full-service HSA product." "There is significant momentum behind the consumer-driven healthcare movement. But it's essential that everyone, from employees and employers to TPAs and health insurers, have a simple and easy way to manage HSA funds. Mellon and MBI are working together to provide a one-stop source to handle HSA payment transactions and fiduciary responsibilities, with the added convenience of a benefits debit card," said Robert L. Natt, president and CEO of MBI. "MBI has been an important partner in our growth as an award-winning healthcare services provider," said Joseph Wild, senior vice president of sales and product development at Independent Health, a full-service health-solutions company providing health benefits and services to more than 385,000 members in Western New York and throughout the U.S. "As Independent Health looks to expand its offerings into health savings accounts, MBI and Mellon's relationship represents an extremely attractive coupling of two recognized domain leaders in the burgeoning self-funded and consumer-directed healthcare market." About the MBI Benefits Card MBI's powerful, healthcare payment platform supports benefits debit cards that allow employees to access tax-free benefit accounts with a single nationally accepted debit card. The MBI Benefits Card helps employers and employees enjoy maximum tax benefits while also eliminating the tedious and time consuming paper-based cash reimbursement process. MBI's solutions can handle multiple employee accounts/purses, multiple spending tiers and pre- and post-tax contributions. Health plans and TPAs look to MBI as a single source for their branded consumer-directed cash account management. About Mellon Financial Corporation Human Resources & Investor Solutions is the worldwide human resources and shareholder services business of Mellon Financial Corporation, a global financial services company. Headquartered in Pittsburgh, Mellon is one of the world's leading providers of financial services for institutions, corporations and high net worth individuals, providing institutional asset management, mutual funds, private wealth management, asset servicing, human resources and investor solutions, and treasury services. Mellon has more than $3.7 trillion in assets under management, administration or custody, including $670 billion under management. Its asset management companies include The Dreyfus Corporation and U.K.-based Newton Investment Management Limited. News and other information about Mellon is available at http://www.mellon.com/ . About MBI MBI offers a consumer-directed benefits payment platform plus the country's #1 employee benefits card - electronically accessing Flexible Spending Accounts, Health Reimbursement Arrangements, Health Savings Accounts, Transit/Parking Accounts and Dependent Care Accounts all on one card. MBI's Benefit Card allows employees to pay for eligible expenses at physician and dental offices, pharmacies and vision service facilities. In July 2003, MBI was selected by America's Health Insurance Plans as a Solutions(TM) partner and extends preferred terms to America's Health Insurance Plans' nearly 1,300 health insurance plan members. More than 13,000 employers, including many Fortune 500 companies, have made MBI the benefits card of choice for their employees. Experience The Benefit at http://www.mbibenefits.com/ . DATASOURCE: Mellon Financial Corporation CONTACT: Ed Gadowski of Mellon Financial, +1-201-373-7336, ; Dana Conti of MBI, +1-781-684-0770, Web site: http://www.mellon.com/ http://www.mbibenefits.com/

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