WEX, a leading provider of corporate payment solutions, announced it has partnered with Alegeus Technologies, the market leader in healthcare and benefit payments, to introduce a virtual card solution for the post-adjudication claims market. An alternative to automated clearing house (ACH) payments, the new solution offers an additional electronic settlement method for payers and providers – using WEX Health electronic technology to settle claim payments more efficiently and eliminate costly check payments. Unlike ACH, virtual card payments do not require additional information or consent from providers to implement if they are a MasterCard accepting merchant. A provider can be set up to receive virtual card payments from participating payers automatically, giving payers the option of transitioning a large percentage of provider payments from paper checks to virtual card payments.
Visa and WageWorks on-demand provider of tax-advantaged programs for consumer-directed health, commuter, and other employee spending account benefits, announced a new, multi-year agreement naming Visa as WageWorks’ preferred brand for prepaid employee benefit and health spending cards. Spanning a myriad of consumer directed benefit accounts, the relationship provides employers and their employees with the convenience, security, and reliability of a Visa prepaid card when accessing tax deferred money for qualified purchases. WageWorks provides nearly 10,000 employers with a broad array of consumer-directed benefit accounts, representing 24 percent of Fortune 500 companies and 40 percent of Fortune 100 companies across the U.S.
TASC (Total Administrative Services Corporation) released its employee benefits account debit card on the “TASC Card.” Offering Participants access to funds, as well as greater flexibility and convenience when using those funds, The “TASC Card” manages two separate accounts with the “MyBenefits” account- connected to various employee benefits account(s), such as Flexible Spending Accounts (FSAs) or Health Reimbursement Arrangements (HRAs)- and “MyCash,” for which purchase types are not limited.
The “Upromise” solution by Sallie Mae have saved members over $600 million in cash for college from their everyday spending, which covers a four-year college education for 20,000 students. Free to join and giving members cash savings of 1-25% at thousands of participating merchants when they shop online, book travel, dine out at local restaurants or buy gas or groceries, “Upromise” offers savings search and its “World” MasterCard credit card from Bank of America. This gives users an additional 2% back on eligible online purchases at more than 700 participating online retailers that can be directed towards education expenses. This is in addition to the 1-25 percent members earn from online retailers by shopping at Upromise.com and on top of the 1 percent that cardholders earn for all other purchases made with the Upromise credit card.
U.S. Bancorp reported net income of $974 million for 4Q/10, driven by record total net revenue of $4.7 billion and a provision for credit losses lower than net charge-offs by $25 million. Contributing to this success was $2 billion in new lines related to new credit card accounts. Payment Services includes consumer and business credit cards, stored-value cards, debit cards, corporate and purchasing card services, consumer lines of credit and merchant processing and contributed $266 million of the Company’s 4Q/10 net income. This is up $206 million since the year ago period and up $51 million over the prior quarter. Total net revenue for the segment increased $12 million (1.1%) since the year ago period while net interest income increased $5 million and total noninterest income increased $7 million since the year ago period thanks to increased transaction volumes. Finally total noninterest expense increased $43 million (9.2 percent) thanks to higher compensation and employee benefits expense and processing costs.
PayFlex Systems USA employee benefit programs announced MasterCard Worldwide will be the preferred payment card provider for its “PayFlex HealthHub.” Offering a website that links healthcare, financial and wellness information with a single prepaid or debit card and customer call center at a central destination, PayFlex will facilitate its more than $1 billion in transactions annually for nearly one million participants nationwide with the “PayFlex HealthHub.” By extending its relationship with MasterCard, PayFlex will continue to provide a single, convenient card for employees to pay for all qualified healthcare expenses, whether through flexible spending accounts (FSAs), health savings accounts (HSAs) or health reimbursement arrangements (HRAs). This will allow companies to increase spending account adoption and significantly enhance their incentive management programs.
Sallie Maeâs “Upromise” is providing tips to save for holiday shoppers.
In addition to looking for sales and coupons, Upromise is recommending
its “World MasterCard” credit card from Bank of America. The card gives
an additional 2% back on eligible online purchases at more than 700
participating online retailers that can be directed towards education
expenses, in addition to the 1-25% members earn from online retailers by
shopping at Upromise.com and on top of the 1% cardholders earn for all
other purchases made with the Upromise credit card. Last year during the
holiday season Upromise members received $12 million in college savings
rewards from eligible holiday spending with hundreds of participating
Visa announced commuters in New York and Los Angeles can use their payment cards for bus, subway and train fares. As part of Visaâs long-term strategy of extending the speed, security and convenience of Visa acceptance to new locations, in New York, riders can pay using Visa “payWave”-enabled cards and mobile phones, while commuters in Los Angeles can use their Visa prepaid card to ride the LA metro system. In driving acceptance at the mass transit fare gate, Visa is providing riders with a better way to pay by eliminating the time-consuming step of searching for cash to buy a ticket while minimizing cash handling costs for transit operators. The pilot program in New York uses the “payWave” technology based on a small electronic chip embedded in a mobile phone or payment card that communicates securely with contactless readers at the fare gate and on the bus while the program in Los Angeles is exclusive to Visa and started September 15, 2010 and is a system wide commercial implementation available to all riders of the LA Metro system with the TAP “ReadyCARD.”
Upromise has chosen Vesdia Corporation multi-channel merchant network
and shopping incentive services as its new preferred provider of
brick-and-mortar and catalog merchant services. For Upromise, a free
online service that helps its members earn money for college, Vesdia
will be providing more ways to save through its consistently expanding
network of national, regional and local brick-and-mortar merchants. The
partnership will also offer Upromise members ways to earn money for
their college savings or pay down eligible student loans when shopping
at various retailers. Members automatically earn by using their Upromise
credit card or other registered payments cards at; 1 800 FLOWERS;
Ballard Designs; Gaiam; Golfsmith; Hammacher Schlemmer; Hearthsong; Jos.
A. Bank; Lobster Gram; Magic Cabin Dolls; Plow and Hearth; Sally Beauty;
and Sunglass Hut.
Average individual Health Investment Account Balances (HIA) have
increased 28% while family Health Investment Account Balances have
increased 21% Q/Q. Additionally, average individual HSA balances
increased 6% and family HSA balances increased 8% since 1Q/09. These
findings, according to Canopy Financial healthcare banking technology
solutions and its 2Q/09 “Health Savings Account (HSA) Market Report,”
also showed individual HIA accountholders age 25-40 and family HIA
accountholders age 41-50 realized the greatest amount of growth in their
HIA balances for the quarter; the majority of spend in Q2 continued to
come from Reimbursements; and new account growth and employer
enrollments were both up in for the quarter.
Members of Upromise, Sallie Maeâs saving for college program, have
earned $500 million in college savings. Focused on helping members take
control of rising college costs, offering money earned back through
eligible everyday purchases with Upromise partners, Upromise provides
savings for past, present or future college costs. Eligible purchases
include gas, groceries, items purchase online through nearly 650
retailers, travel, dining out, buying a home and auto insurance. To
boost college savings, Upromise is recommending its members apply for
the Upromise “World MasterCard” credit card with Gas & Grocery Rewards
and the Upromise “World MasterCard” credit card with Dining & Grocery
Rewards; Download “TurboSaver” free online savings reminder notifying
college savings opportunities; Shop Online through Upromise.com for
immediate savings; Invite Family and Friends to contribute their
Upromise savings to a beneficiaryâs account; and Exchange Savings Tips.
MasterCard has signed an extension with OptumHealth Bank to issue MasterCards for health savings accounts.
The MasterCard will be issued for health savings accounts, flexible spending
accounts and health reimbursement arrangements, including the
accounts they manage for UnitedHealthcare members. The MasterCard cards can be used as
a form of payment, tied to these tax-advantaged accounts, for eligible medical
expenses, such as copayments, deductibles, prescriptions, vision care and certain
over-the-counter items. A recent MasterCard survey shows
physicians cite patient convenience, safety and security for their office, guaranteed
payment, and ease of recordkeeping as among the top benefits of payment card acceptance
OptumHealth Financial Services, a division of OptumHealth Inc., provides
tax-advantaged accounts for health care savings and spending, benefits
administration services, and integrated electronic claims settlement
solutions for health plans, third-party administrators and other payer groups.