Fiserv Offers HSA Functionality For CUs
Fiserv, Inc. announced that all seven core processors in its Credit Union & Industry Products Group now offer the functionality to support health savings accounts (HSAs), with some Fiserv credit union clients seeing strong adoption already.
The group's credit union processors include AFTECH, CUSA Technologies, GalaxyPlus, IntegraSy, Summit Information Systems, USERS Incorporated and XP Systems.
Each Fiserv credit union business unit offers its clients an HSA solution that is fully integrated with the core system. The functionality enables credit unions to open and maintain HSAs, with most processors supporting a variety of account types, such as share drafts, money markets and certificates, as well as a variety of delivery vehicles, such as Internet banking and ATM and debit cards.
Though HSAs have been slow to catch on, with only a handful of credit unions actively marketing them, they appear to be building steam. Fiserv said consumer demand for HSAs is beginning to accelerate and expected to climb as more employers offer high-deductible health plans as an alternative to costly traditional coverage.
Financial Research Corporation (FRC) estimates there are currently 1.2 million HSA accounts representing $2 billion in assets, projecting total HSA assets to reach $48 billion by 2010. In a recent FRC survey, 34% of independent financial advisors reported recommending HSAs to their clients over the past 12 months.
For info: www.fiserv.com