SHPS To Offer Multi-Purse Debit Card

Under the agreement, First Data will process transactions for SHPS' entire suite of spending accounts, including flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs), as well as dependent care, retiree, mass transportation and parking card account-based programs on a single card. UMB Bank will serve as the sponsor bank, supporting debit card access and transaction processing.

"The strategic healthcare relationship established today offers employers and carriers a debit card solution that, when coupled with SHPS' claims processing expertise, will redefine the way in which employees use their spending accounts," said Rishabh Mehrotra, SHPS' president, human resource solutions and chief technology officer. "It eliminates administrative hassles for employees, enabling them to use one card for all spending account transactions, while providing security measures to meet compliance concerns of employers."

"Prepayments, or debits, are a fast growing segment of healthcare services," said Beverly Kennedy, president, First Data Healthcare Services. "First Data is committed to delivering innovative solutions to improve the state of healthcare transaction processing and we're very pleased that SHPS has selected us to help them increase the quality of service for their clients and their respective employees."

"UMB is pleased to provide an integrated card solution to SHPS, which gives them the ability to offer a highly customized product to their clients," said Dennis Triplett, President of Healthcare Services, UMB Bank.

"First Data and UMB Bank's unparalleled systems, along with our claims processing and adjudication technology, will give our clients a debit card solution with unmatched flexibility," added SHPS' Mehrotra. "We'll also benefit from their decades of experience in processing billions of transactions and moving trillions of dollars around the world."

"With the increased convenience provided by the multi-purse debit card, SHPS expects to see a significant increase in spending account programs," said Jeffery Lanzet, senior vice president, human resource product management for SHPS. "Spending account participation correlates with an increased level of individual ownership of healthcare - which supports consumerism and results in reduced healthcare costs."