The Louisville, Ky., health-care account provider SHPS said Tuesday that it has signed a processing deal with First Data Healthcare Services, a division of Greenwood, Colo.-based First Data Corp., and UMB Bank Healthcare Services, a division of UMB Financial Corp. in Kansas City, Mo.
Under the agreement First Data is to process transactions on a single card for SHPS products including flexible spending accounts and health reimbursement arrangements, as well as dependent care, retiree, mass transportation, and parking card programs. UMB Bank is to be the sponsor bank, supporting debit card access and transaction processing.
The agreements among SHPS, First Data, and UMB Bank take effect immediately. First Data has begun processing services for SHPS, including issuing cards, authorizing transactions, and verifying account balances.
The SHPS card will support enhanced features for spending accounts, including real-time pharmacy benefit management, co-pay and over-the-counter substantiation, and eligibility verification.
