TAMPA, FL--(Marketwired - September 14, 2016) - Acclaris, a leading technology and services provider for health savings and reimbursement accounts, announced today that it earned designation as a nonbank trustee, which enables it to function as an independent health savings account (HSA) custodian, after meeting stringent requirements by the Internal Revenue Service (IRS).
The company also unveiled new custodian capabilities for its Software as a Service (SaaS) platform to offer a seamless single-source solution for all benefit activities, from account administration to funds management and disbursement across HSAs, flexible spending accounts (FSAs) and health care reimbursement arrangements (HRAs).
"The rigorous IRS evaluation process was well worth our time investment given our commitment to simplify benefit administration and the user experience -- especially when it comes to the rapidly expanding HSA market," said Acclaris CEO Dean Mason. "Based on our experience meeting complex client needs for more than 6,000 employers serving 1.9 million consumers, we understand the frustration many employers have experienced working with traditional banks to administer health savings accounts. The nonbank trustee status allows Acclaris to create a completely seamless consumer and employer experience by controlling and integrating the operations and policies that govern deposit receipt, disbursements, returns, fraud, interest rates and fees. While the financial institutions relying on Acclaris will continue to serve as their own custodian, our nonbank custodian status lets us deliver more streamlined, flexible, comprehensive benefit administration for our other customers."
Purpose-built to serve as an integrated source for benefit administrators across accounts, the latest version of the Acclaris platform offers better metrics, easier account management and a consistent employer/consumer experience. The innovative Acclaris platform now delivers:
- A fully integrated experience across all account types, including HSAs, FSAs, HRAs, and other defined-contribution accounts
- The ability to design and deliver user-friendly policies to meet client, employer and accountholder needs
- Built-in identity verification to speed initial account setup and one debit card for all account types to improve ongoing consumer satisfaction
- The predictability and control benefit administrators need, as well as the stability of reliable prices/fees
Devenir predicts that the HSA market will exceed $50 billion by the end of 2018. To learn more about how the Acclaris platform's new nonbank custodian status can help customers reduce costs, improve compliance and drive more value, visit www.acclaris.com.
Acclaris provides the technology and services that health plans, benefit consultants, private exchanges and financial institutions rely on to deliver health care and reimbursement accounts. Acclaris stands out from the competition for its operational efficiency, configurable (SaaS) technology and service delivery at scale. Acclaris helps some of the nation's largest health plans, benefit consultants and financial institutions deliver a range of innovative account options and an exceptional consumer experience under their own brand. Meeting even the most demanding and complex client needs, Acclaris provides account-based healthcare plan administration for 1.9 million consumers working for 6,000 employers, including more than 40 Fortune 500 employers. A Willis Towers Watson company, Acclaris is part of the Willis Towers Watson's Exchange Solutions segment. Learn more at acclaris.com.