Banking and payments technology provider Metavante, (Milwaukee) has launched BenSoft, a software solution that combines the RepayMe full flexible benefits administration platform with its healthcare payments processing and benefit debit card solutions.
In January 2008, Metavante acquired BenSoft Incorporated and its flagship RepayMe product. At that time, Metavante announced its plans to integrate the RepayMe technology into existing Metavante Healthcare Payment Solutions suite of products. The new BenSoft offering is the result of these efforts.
"The marketplace — third-party administrators, health plans and self-administrating employers — has been calling for the convergence of two traditionally disconnected areas of healthcare benefits, administrative solutions and the card-based payments platforms, which give consumers point-of-care access to their benefit accounts such as flexible spending, health savings accounts and health reimbursement arrangements," said John Reynolds, division president, Metavante Healthcare Payment Solutions. "RepayMe brings the account administration intellectual capital and software, while Metavante contributes its payments platform, known as Benefit Payment System, and our WealthCare Card. The new BenSoft solution combines two technologies, creating a compelling efficiency play."