Magazine article American Banker

Metavante Combines Products to Promote Health-Pay Cards

Magazine article American Banker

Metavante Combines Products to Promote Health-Pay Cards

Article excerpt

Byline: Daniel Wolfe

Metavante Technologies Inc. said Thursday that it hopes to promote the use of health payment cards by building on a system developed by BenSoft Inc., a software provider it bought in January.

Metavante, a Milwaukee banking technology provider, said its updated product, called BenSoft, combines the older BenSoft RepayMe system with Metavante's payment card and processing offerings in a product that uses a single interface.

At the time of the January purchase, RepayMe had already been customized to work with Metavante accounts, but little else made them appear to be a combined offering.

"While we were integrated from a card perspective to BenSoft, we still arguably at that time had two separate systems that a consumer would look at in that environment," John Reynolds, the president of Metavante's health-care payment solutions division, said in an interview Thursday.

Using the old products, "I would have to look in one environment to see my card transaction history, ... and there would be another system that would have more of the plan-specific information," he said.

The new system "brought them together, melted them together," he said. As a result, he said, Metavante's products for flexible spending accounts and other health accounts should become more appealing to consumers.

The improvements go well beyond the user interface, Mr. Reynolds said. "While it's easy to mask" the disparity between systems "for a consumer-facing application, in the back end, a lot of times, there are many inefficiencies that you're having to contend with there," he said. "We've eliminated that."

Typically, employers would have to work with separate vendors for each element of this environment, he said. By combining the technology into a single offering, Metavante is able to bring its price down and reduce the hassle of buying a payment card, he said. …

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