MILWAUKEE, July 25, 2005 – Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), has completed its acquisition of Waltham, Mass.-based Med-i-Bank, Inc. (MBI) a leading provider of electronic payment services and debit cards for employee benefit and consumer-directed health care accounts. Effective today, the company will begin to operate under the new name of MBI Benefits, Inc., and will be a wholly owned subsidiary of Metavante Corporation, with existing management continuing in their positions.
MBI’s flexible-spending and health-savings account (FSA/HSA) solutions are currently used by approximately 200 third-party administrators (TPAs) and health plans that service over 15,500 employers and approximately 1.3 million employee accounts. The company was founded in 1995 and employs approximately 70 people.
The MBI acquisition will extend the existing Metavante full-service, market-leading HSA solution, which includes account setup and administration; account and transaction processing; health care debit cards; regulatory reporting; as well as account record-keeping and funds management. Metavante provides HSA solutions for financial institutions that can include trust account management to support the custodial requirements of HSAs. For HSA consumers, Metavante provides Internet-based account access and online investment management options through investment accounts and mutual funds.
"By adding clients of the MBI Benefits Card to the existing health care cards on our system, Metavante will be a leading provider of consumer-directed health care payment solutions," said Frank G. D’Angelo, president and chief operating officer, Metavante Payment Solutions Group.
"MBI will allow Metavante to expand its delivery of consumer health care payment services among health plans, third-party administrators and corporations. The MBI product suite will be attractive to many of our financial institution clients that would like to offer FSA and HSA cards to their corporate customers."
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