The U.S. Patent and Trademark Office has granted Evolution Benefits (EB) an important patent for its breakthrough technology used in the substantiation of health benefits debit card transactions. The company’s patent, U.S. Patent 7,174,302 titled “System and Method for Processing Flexible Spending Account Transactions,” refers to the system and method EB developed for real time substantiation of card transactions prior to authorizing payment. This patented process ensures that payment is made only for qualified items and eliminates the need to request documentation from the cardholder. The system is widely used by EB’s clients and permits 100 percent electronic substantiation of transactions like prescription drug claims.
“Evolution Benefits has made substantial investments in developing auto-substantiation technologies for our prepaid benefits card, and we are pleased that the U.S. Patent Office has recognized the novelty of our approach. This patent validates our position as the technology leader in electronic benefit payment services,” said Robert Patricelli, chairman and CEO of Evolution Benefits. “With the increasing popularity of FSAs and HRAs as part of consumer-directed benefit programs, our advanced card technology is the key to simplifying the process for cardholders and plan administrators. EB’s patented real-time, auto-substantiation technology validates an employee’s card transaction prior to payment, providing maximum cardholder convenience, lower administrative costs and maximum protection of employer plan assets,” he said.
EB’s technology superiority was also recognized on February 27 of this year, when the company was awarded the “Most Innovative Consumer Directed Health Care (CDHC) Product or Solution” in the payment card area at the CDHC Expo in Las Vegas, beating out other finalists including Metavante, First Data, and American Express.
About Evolution Benefits
Evolution Benefits, Inc., headquartered in Avon, Connecticut, began operation in 2002 with a mission to provide innovative payment services for the evolving consumer-directed benefits movement. Its primary product, the Benny⢠Prepaid Benefits Card, applies advanced payment and patented auto-substantiation technologies to FSAs, HRAs and HSAs. EB’s core auto-substantiation technologies were patented in 2007 and other patents are pending. Evolution Benefits powers the card programs of more than 145 managed care and administrative services organizations and covers more than 4,400 employers, including 50 of the nation’s top-ranked Fortune and Forbes companies. Visit www.EvolutionBenefits.com for more information.
The U.S. Patent and Trademark Office has granted Evolution Benefits (EB) an important patent for its breakthrough technology used in the substantiation of health benefits debit card transactions. The company’s patent, U.S. Patent 7,174,302 titled “System and Method for Processing Flexible Spending Account Transactions,” refers to the system and method EB developed for real time substantiation of card transactions prior to authorizing payment. This patented process ensures that payment is made only for qualified items and eliminates the need to request documentation from the cardholder. The system is widely used by EB’s clients and permits 100 percent electronic substantiation of transactions like prescription drug claims.
“Evolution Benefits has made substantial investments in developing auto-substantiation technologies for our prepaid benefits card, and we are pleased that the U.S. Patent Office has recognized the novelty of our approach. This patent validates our position as the technology leader in electronic benefit payment services,” said Robert Patricelli, chairman and CEO of Evolution Benefits. “With the increasing popularity of FSAs and HRAs as part of consumer-directed benefit programs, our advanced card technology is the key to simplifying the process for cardholders and plan administrators. EB’s patented real-time, auto-substantiation technology validates an employee’s card transaction prior to payment, providing maximum cardholder convenience, lower administrative costs and maximum protection of employer plan assets,” he said.
EB’s technology superiority was also recognized on February 27 of this year, when the company was awarded the “Most Innovative Consumer Directed Health Care (CDHC) Product or Solution” in the payment card area at the CDHC Expo in Las Vegas, beating out other finalists including Metavante, First Data, and American Express.
About Evolution Benefits
Evolution Benefits, Inc., headquartered in Avon, Connecticut, began operation in 2002 with a mission to provide innovative payment services for the evolving consumer-directed benefits movement. Its primary product, the Benny⢠Prepaid Benefits Card, applies advanced payment and patented auto-substantiation technologies to FSAs, HRAs and HSAs. EB’s core auto-substantiation technologies were patented in 2007 and other patents are pending. Evolution Benefits powers the card programs of more than 145 managed care and administrative services organizations and covers more than 4,400 employers, including 50 of the nation’s top-ranked Fortune and Forbes companies. Visit www.EvolutionBenefits.com for more information.
