WALTHAM, Mass., Dec. 27, 2005 - Metavante Corporation today announced its MBI Benefits affiliate is providing Lighthouse1 with real-time health plan cash account management – further solidifying MBI Benefits' standing as an employee benefits payment systems market leader. Metavante Corporation is the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI).
MBI Benefits will enhance the Lighthouse1 OnDemand Web-based benefits administration software for health plan providers and third-party administrators (TPA) by providing the ability to deliver all benefits administration functions and cash account management services on one, real-time operating software platform. Through MBI Benefits, TPAs and health plan providers affiliated with Lighthouse1 will now have a single interface to multiple custodians for the establishment and administration of health savings accounts (HSA).
"A single administration platform linked in real-time with MBI's benefits debit card creates system efficiencies, reduces tedious paper-based processes and delivers cost savings to third-party administrators and health plan providers. Now, they can manage and receive all of their benefits claims electronically as opposed to maintaining one system for handling debit card transactions and another for all other types of benefits administration," said Jeffrey L. Fritz, chief executive officer of Lighthouse1. "Plus, the Web-based solution from Lighthouse1 allows plan administrators access from any secure Internet browser, while delivering automation of many claims processing tasks and potent financial management.
Lighthouse1 OnDemand delivers automated management of employer benefits plans such as flexible spending accounts (FSA), HRA and health savings accounts (HSA). MBI Benefits delivers the MBI Benefits Card™ and the company's proprietary healthcare payment platform to support benefits debit cards and manage the transfer of electronic payments between consumers, pharmacies, health plans and financial organizations.
The MBI Benefits Card leads the industry in linking employee benefits accounts with a nationally accepted MasterCard or Visa debit card and enables employees to gain quicker access to and electronically track healthcare account funds – eliminating the time-consuming paper-based reimbursement process.
"With an integrated Lighthouse1 OnDemand-MBI Benefits Card system, healthcare consumers swipe their benefits plan debit card at FSA- or HSA- recommended pharmacies for items like prescription medications and the money is automatically deducted from their account. No paper. No waiting," said Frank D'Angelo, president and chief operating officer, Metavante Payment Solutions Group. "Because our cash account management platform delivers real-time information to Lighthouse1, a healthcare consumer can instantly know how much money remains in their account."
Metavante acquired MBI, the employee benefits payment systems market leader with nearly 1.5 million card holders, in July 2005. Metavante's healthcare solutions include a comprehensive HSA offering that provides everything a financial institution, health insurance company, third-party administrator, or commercial business needs to offer HSAs. This includes account processing, checks and debit cards, online and phone access to account information, investment options, and regulatory reporting. Metavante also offers medical identification cards, combination eligibility/payment cards and the ability to access multiple benefits accounts from a single card.