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Metavante Enabling Auto-Substantiation of Flexible Spending Account Purchases at Longs Drugs.

MILWAUKEE -- Auto-approval of FSA-eligible transactions reduces need for paper-based claims reimbursement process

Metavante Corporation today announced it is partnering with Longs Drugs to provide automated, electronic substantiation of over-the-counter flexible spending account (FSA)-eligible purchases for customers using Metavante's MBI Benefits Card(TM). Metavante is the banking and payments technology subsidiary of Marshall & Ilsley Corporation (NYSE:MI).

Metavante Healthcare Payments technology electronically substantiates FSA-eligible purchases made at any of Longs Drugs' 477 retail stores across California, Hawaii, Nevada, Washington, Oregon and Colorado, eliminating the need for FSA-participants shopping at Longs to make out-of-pocket payments or submit paper receipts for reimbursements. As paper-based substantiation and reimbursement processes disappear, FSA administrators can gain efficiencies associated with reductions in documentation requests and manual transaction analysis to verify purchase eligibility.

More than 19,000 employers offer the MBI Benefits Card to their employees, resulting in 1.8 million of the most widely used, nationally accepted benefits debit card in consumers' hands. Metavante's benefits debit card platform includes single-card, multi-account electronic access to benefit accounts and has the flexibility to support any customized set of auto-substantiation rules. Consequently, Metavante Healthcare Payment Solutions auto-substantiates well over 1 million transactions for benefit account holders every month.

"FSAs are a major component of consumer-directed healthcare in America, and Metavante is dedicated to removing obstacles to widespread adoption by making payments more convenient for the consumer and more cost-effective for the administrator," said John M. Reynolds, president, Metavante Healthcare Payment Solutions. "With over 50 percent of our MBI Benefits Card transactions occurring at retail pharmacies, the value of our auto-substantiation service is self-evident for retailers."

Metavante Healthcare Payment Solutions enables health plans, third-party administrators, healthcare providers and financial institutions to support the broad-based adoption of consumer-directed healthcare (CDHC) and improve efficiencies in their business processes. Metavante supports flexible spending accounts (FSA), health savings accounts (HSA), health reimbursement arrangements (HRA), transit/parking and dependent care accounts with a comprehensive, integrated benefit account platform and solution suite. Offering the country's leading benefits debit card, Metavante supports single-card, multi-account electronic access to benefit accounts and auto-substantiation of benefit account transactions. Metavante's retail and employer-sponsored HSA solution, complete with investment functionality, supports online or group enrollment, enabling employers and financial institutions of all sizes to offer HSA programs. Metavante also offers combination medical eligibility/payment cards, claims payment distribution services, provider billing presentment and payment services, and medical remittance processing.

About Metavante

Metavante Corporation delivers banking and payments technologies to financial services firms and businesses worldwide. Metavante products and services drive account processing for deposit, loan and trust systems, image-based and conventional check processing, electronic funds transfer, consumer healthcare payments, and electronic presentment and payment. Headquartered in Milwaukee, Metavante (www.metavante.com) is wholly owned by Marshall & Ilsley Corporation (NYSE:MI).

Metavante is a registered trademark of Metavante Corporation.
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Publication:Business Wire
Geographic Code:1USA
Date:Jul 10, 2006
Words:466
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