Comprehensive recordkeeping is integrated for a number of banking capabilities, including investment sweeps, interest calculation, and monitoring of contributions and disbursements.
Investment Options
Open Solutions manages the administrative, recordkeeping and compliance functions required to support HSA-related investments. Our HSA solution includes:
Seamless HSA and investment customer experience
Automated employer and account holder investment account establishment
Account holder self-directed investing:
- Fund selection
- Buy, Sell, Transfer or Reallocate
Automated account holder investing
Complete Web & IVR account access & management
Call Center support of account services
Combined transaction & investment statements
Accountholder view of transactions between cash and investment accounts
Daily reconcilement of investment accounts
- Automated process to balance recordkeeping positions to fund company positions
- Exception reporting for variances
- Edit process for quality control & statement file production
- Ensures accuracy
Your customers can take advantage of short-term investment options through extensive interest calculation features or participate in our comprehensive Mutual Fund Sweeps program that automatically transfers designated funds into a variety of investment vehicles.
Contribution and Disbursement Monitoring
Extensive recordkeeping for transactions conducted via debit cards, checks, and automated transfers is available, with support provided for employer/employee directed contributions, rollovers, catch-up contributions, distributions, and withdrawals.
Financial Accounting
Compile and post aggregate data using Open Solutions' complete general ledger or by integrating the general ledger system of your choice. To streamline your organization's workflow, Open Solutions provides comprehensive settlement support for all HSA transactions.
