BOSTON and CHICAGO, Oct. 23 /PRNewswire-FirstCall/ -- Sovereign Bank
today announced a new Health Savings Account (HSA) program featuring
multiple customer enhancements. The new program is based on Canopy
Financial's Web-based HealthDirect operating platform.
"Having been one of the first major banks to develop an HSA custodial
program more than two years ago, we have had time to study what works and
what doesn't for the account holders, employers, brokers and insurers who
choose Sovereign's program," said Eduardo Tobon, Senior Vice President,
Director of Corporate Alliances and HSAs at Sovereign. "Canopy Financial's
HealthDirect platform not only gives us the best HSA solution now, it
positions us to stay ahead by virtue of Canopy's continued innovation in
the Consumer-Directed Healthcare (CDH) industry."
Canopy Financial, the market leader in financial technology solutions
for CDH, has been serving industry-leading financial institutions and
health plans since 2004. "Canopy is pleased to be partnered with Sovereign
Bank on the launch of their next-generation HSA capabilities," said Jeremy
Blackburn, President of Canopy Financial. "Sovereign's thought leadership
and commitment to improving the consumer experience positions it as a
leader in the HSA market."
Sovereign's new HSA program features an online enrollment facility that
allows customers to open and set up funding for their HSAs in a single,
online session. "Speed in account opening is particularly important at this
time of year when many employers hold their annual benefits open
enrollment," said Tobon. He added, "having employees' HSAs open and funded
simultaneously with their health plan's effective date gives them the full
benefit of their HDHP/HSA program from day one."
Other new enhancements to Sovereign's program made possible by the
HealthDirect platform include the ability for account holders to invest in
a variety of mutual funds, to make online account transfers and bill
payments and to keep track of their healthcare spending more efficiently.
Employers who choose Sovereign as custodian for their employees' HSAs
will also benefit from the new platform via a comprehensive, online HSA
Management System that greatly simplifies tasks associated with HSA program
administration including managing employee HSA enrollments and HSA
contributions and payroll administration.
Additional information on Sovereign's HSA program is available at:
Individual HSA Enrollments: http://www.sovereignbank.com/hsa
HSA Employer Program: 1-877-SOV-HSA1 (768-4721)
About Sovereign
Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), is the parent
company of Sovereign Bank, a financial institution with $87 billion in
assets as of September 30, 2007 with principal markets in the Northeast
United States. Sovereign Bank has 750 community banking offices, over 2,300
ATMs and approximately 12,000 team members. Sovereign offers a broad array
of financial services and products including retail banking, business and
corporate banking, cash management, capital markets, wealth management and
insurance. Sovereign is the 18th largest banking institution in the United
States. For more information on Sovereign Bank, call 1-877-SOV-BANK.
About Canopy Financial
Canopy Financial provides innovative technology solutions that connect
the healthcare and financial services industries. Serving some of the
world's largest healthcare and financial institutions, Canopy powers the
development and delivery of complete healthcare banking services for both
consumers and businesses. Founded in 2004, Canopy maintains offices in San
Francisco and Chicago. For more information, please visit our web site at
http://www.canopyfi.com or call 1-866-960-4700.
SOURCE Sovereign Bank
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Related links:
http://www.sovereignbank.com
http://www.sovereignbank.com/hsa http://www.canopyfi.com
CONTACT:
Ellen Molle of Sovereign Bank,
+1-617-757-5573, Cell, +1-617-548-9932, emolle@sovereignbank.com;
or Evantiv Media, Kimberly Marth, +1-971-285-1213,
media@canopyfi.com, for Canopy Financial
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