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November 08, 2007
Sovereign Bank Introduces Next-Generation Health Savings Accounts
Sovereign Bank has 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 Health Savings Accounts 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 Health Savings Accounts 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.
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Posted by Wiley Long at November 8, 2007 09:39 AM