-Leading Information Processing Provider Delivers Comprehensive HSA Solution-
NEW YORK, Aug. 23 /PRNewswire-FirstCall/ -- BISYS, a leading provider of
business process outsourcing solutions for the financial services sector,
today announced that two of the nation's top 10 healthcare carriers recently
selected BISYS to provide financial processing and customer care services for
their health savings accounts (HSA) programs. In both cases, BISYS was
selected based on its ability to provide the full range of features required
for a competitive HSA program. BISYS offers both turnkey and customized HSA
programs and provides an array of services including automated enrollment and
contribution processing, account recordkeeping, banking payment and
back-office services, and fully featured customer Web and call center services
-- all in a branded, portable environment. BISYS' comprehensive suite of
services meets the needs of the HSA accountholder, the employer, and the
healthcare carrier, which enables clients to deliver their HSA programs with
minimal investment and infrastructure change.
BISYS' solution supports HSA programs for insurance carriers and
third-party administrators (TPAs) serving the needs of their employer client
base. The HSA solution integrates with the benefit management and claims
processing systems to automate the enrollment and claims payment functions.
HSA customer account access can be delivered via the insurance company's or
the TPA's customer portals, or through a branded Web or interactive voice
response (IVR) solution from BISYS. The BISYS solution is trustee independent,
therefore insurance carriers or TPAs choosing to partner with multiple
trustees for their HSA program need only integrate with the BISYS solution
once, and then BISYS manages integration with each trustee on the client's
behalf.
According to Nanci Rainey, senior vice president of BISYS Healthcare
Banking Solutions, "To firmly establish themselves as leaders in the growing
consumer-driven healthcare market, our clients want their HSA offerings to be
among the most competitive, comprehensive solutions in the market. With their
objectives in mind, we have developed advanced interest and investment
management features, configurable pricing packages for each unique employer
agreement, and a full range of account and transaction processing services.
Our solution encompasses convenient consumer banking services such as debit
cards, check writing, and customer Web and IVR access, as well as those
services important to employers, such as multiple enrollment options and
contribution methods. Employing BISYS as the financial engine to drive HSA
processing increases the value of our clients' consumer-driven healthcare
offering."
Bill Neville, president of BISYS Information Services, reported, "One of
BISYS' fundamental strengths is the ability to deliver advanced technologies
and high-demand financial products and services to our clients. Being selected
by two top-tier organizations to drive HSA processing is indicative of the
quality, flexibility, and completeness of our solution. As these organizations
work to proactively meet the needs of their customers, we will continue to
leverage our banking and insurance expertise to provide advanced business
solutions that help them sustain their positions as leaders in their
respective industries."
About BISYS Healthcare Banking Solutions
BISYS offers a comprehensive account processing and customer care solution
for consumer healthcare spending accounts in a fully outsourced environment.
HSAs, which were introduced as a component of the Medicare Prescription Drug
Improvement and Modernization Act of 2003 to supplement High Deductible Health
Plans (HDHPs), provide insured individuals with a means to accumulate
tax-deferred savings for medical expenses. Leveraging its ABA-endorsed*
banking platform to deliver high-demand banking services, BISYS complements
its HSA offering with an array of marketing, management, and regulatory
services to support industry-leading financial services institutions and
insurance companies in this emerging market.
*The American Bankers Association (ABA), through its Corporation for
American Banking (CAB) subsidiary, exclusively endorses BISYS' core
information processing solution as the recommended solution for community
banks.
About BISYS
The BISYS Group, Inc. (NYSE: BSG), headquartered in New York City,
provides business process outsourcing solutions that enable investment firms,
insurance companies, and banks to capitalize on convergence by entering new
segments of the financial services industry. BISYS currently supports more
than 22,000 domestic and international financial institutions and corporate
clients through three business units. Its Investment Services group provides
administration and distribution services for approximately 380 clients,
representing more than 2,200 mutual funds, hedge funds, private equity funds,
and other alternative investment products with approximately $750 billion in
assets under administration. BISYS' largest group also provides retirement
services to more than 18,000 companies in partnership with 40 of the nation's
leading banks and investment management companies, and offers analytical
research and competitive information through its Financial Research
Corporation (FRC) subsidiary. Through its Insurance Services group, BISYS is
the nation's largest independent distributor of life insurance and the premier
provider of the support services required to sell traditional and variable
life, long-term care, disability, and annuity products. BISYS is also the
nation's second largest independent wholesale distributor of commercial
property/casualty insurance. This group complements its insurance
distribution services with a comprehensive compliance management solution that
supports insurance and investment firms and professionals with approximately
350 certification and continuing education training courses, and a
sophisticated suite of products and services that automates the entire
licensing process. BISYS' Information Services group supports approximately
1,450 banks, insurance companies, and corporations with industry-leading
information processing and imaging solutions, turnkey asset retention
solutions, and specialized corporate banking solutions. Additional
information is available at http://www.bisys.com.
Except for the historical information contained herein, the matters
discussed in the press release are forward-looking statements within the
meaning of the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially, including
but not limited to economic, competitive, governmental and technological
factors affecting The BISYS Group, Inc.'s operations, markets, services and
related products, prices and other factors discussed in The BISYS Group,
Inc.'s periodic filings with the Securities and Exchange Commission.
SOURCE The BISYS Group, Inc.
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Related links:
http://www.bisys.com
Company News On-Call:
http://www.prnewswire.com/comp/851938.html
CONTACT:
Press: Bill Neville, President, BISYS
Information Services, +1-781-829-8000, or Investors: Daniel
Briggs, Vice President, Finance & Investor Relations,
+1-212-907-6134
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