Metavante Answers Market Demand for Integrated Healthcare Benefits Administration and Payments Processing Technology

Metavante’s Benefits Payment System integrated with acquired RepayMe to create “BenSoft” — benefits administration and healthcare payments technology coupled in a tightly integrated solution

MILWAUKEE--(AllPayNews)--Metavante (NYSE:MV), a leading provider of banking and payments technology, today announced the availability of “BenSoft,” a software solution which combines the market-proven RepayMe full flexible benefits administration platform with Metavante’s leading healthcare payments processing and benefit debit card solutions. In January 2008, Metavante announced the acquisition of BenSoft Incorporated and its flagship RepayMe product. At the time, Metavante announced plans to integrate the acquired RepayMe technology into existing Metavante Healthcare Payment Solutions suite of products. The new BenSoft product signifies the culmination of that announcement.

“The marketplace — third-party administrators, health plans and self-administrating employers — has been calling for the convergence of two traditionally disconnected areas of healthcare benefits, administrative solutions and the card-based payments platforms, which give consumers point-of-care access to their benefit accounts such as flexible spending, health savings accounts and health reimbursement arrangements,” said John Reynolds, division president, Metavante Healthcare Payment Solutions. “RepayMe brings the account administration intellectual capital and software, while Metavante contributes its payments platform, known as Benefit Payment System, and our WealthCare Card. The new BenSoft solution combines two technologies, creating a compelling efficiency play.”

BenSoft delivers on Metavante Healthcare Payment Solutions’ strategy to create a single-source benefit administration and payment solutions – including interoperable benefit account access and health/wealth decision-support tools. Bringing this vision to fruition can help administrators reduce costs, improve operational efficiency and ultimately help consumers make more effective healthcare choices.

BenSoft, Metavante’s full-flex benefits administration software, combines the underlining technology and software supporting the familiar RepayMe and Benefit Payment System solutions. The tightly integrated solution deploys Metavante’s existing healthcare payments and card solutions in combination with RepayMe’s underlying technology to help benefits administrators automate their processes, potentially reduce costs and create a consumer-facing Web-presence.

How It Works

In addition to pulling together all of a consumer’s benefits account information securely behind the scenes, BenSoft plugs into Metavante’s WealthCare Portal, which makes the HSA, FSA, HRA, dependent care and transportation/parking account information available to consumers in a single Web-portal view and provides Web-based health and wealth education and decision-support tools for consumers and employers. The BenSoft to WealthCare Portal information flow creates a more tightly integrated view of all benefit accounts (including HSAs) for the consumer, a combined on-boarding process for health plan enrollment and benefit account opening, along with health information, prescription drug info, quality of care data, and healthcare finance calculators to help project personal health costs and savings needs.

The integrated BenSoft functions help consumers make better-informed healthcare choices and also offer views of benefit account balances and transaction histories associated with WealthCare Card, Metavante’s benefit debit card. With more than 5 million of its multi-purse benefit debit WealthCare Cards in consumers’ hands, Metavante has established a leadership position in consumer-driven healthcare and benefits payments across HSA, FSA, HRA, dependant care and transportation/parking accounts.

“Metavante has traditionally marketed solutions to financial institutions that effectively allow them to better compete in their marketplace,” continued Reynolds. “With BenSoft, we’re now doing the same thing in the benefits administration marketplace. It’s designed to deliver virtually all aspects of benefits administration and healthcare payments technology needs in a tightly integrated, single-source solution. The ability to create a painless on-boarding process, true inter-operability among all benefits accounts and a better consumer experience, that’s the real value delivered by Metavante.”

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 Metavante

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.

Contacts
Metavante Corporation
Sam Baumgarten, 404-892-2583
sam.baumgarten@metavante.com