Metavante Corp. in Milwaukee has announced a deal to provide the technology and support for a health savings account offered by Harris Bank, the Chicago subsidiary of Bank of Montreal.
Harris recently introduced its Harris Health Savings Account in both the individual and commercial HSA markets. It is the third-largest bank in the Chicago market. Metavante, which unveiled the outsourcing arrangement on Thursday, is the banking and payments technology subsidiary of Marshall & Ilsley Corp.
Metavante Healthcare Payment Solutions is to provide the technology and operational and back-office services for the Harris HSA. Metavante also does processing for Harris' debit, prepaid, and ATM cards; ATM driving; card production and fulfillment; and check-image solutions.
Information Strategies Inc., a Ridgefield, N.J., company that tracks HSA growth, said volume tripled to 3.6 million accounts last year and the product amassed a cumulative $5.1 billion of new deposits at financial institutions. These totals are projected to grow this year to eight million and $13.6 billion, respectively, it said.
