Frequently Asked Questions

General

1. How long has Open Solutions been in Healthcare Banking?
Open Solutions entered the Healthcare Banking market in January 2004. However, within our Banking Solutions division, we have provided processing services for more than 38 years to more than 250 financial institutions and 120 insurance companies. These services are very similar to those provided within Healthcare Banking and include complete bank outsourcing with IRA/MSA processing in addition to full deposit and lending applications, debit card processing, Internet banking, regulatory reporting and more.

2. Will Open Solutions be offering HSAs?
No. We do not intend to manufacture risk products associated with HSAs or sell HSAs on a direct basis. Our core competency is account and transaction processing within the financial services industry. With our HSA solution, we have created a specialization to attract the top insurance carriers and banks to an operating environment that is a fully functional transaction product with complete data security, branding, reporting and access tools that make HSA programs an attractive addition to your current and future product mix.

By establishing relationships with industry leaders, we bring the latest in transaction processing to the HSA marketplace as a natural extension of supporting our banking clients. Access channels and instruments, such as checks, ACH, debit card and Web, will continue to undergo change and refinement.

3. Why Open Solutions for our HSA Program?

• Core competency in business process outsourcing for the financial services industry
• Single source provider of all service components
• Complete integration of business processes and channel access
• Flexible product set with underlying best-of-breed strategy
• Not a competitor, but an enabler

The financial services expertise that Open Solutions has gained over many years is particularly relevant to Health Savings Accounts which have a number of attributes to consider including check, Web and debit card access that require specialized regulatory reporting. The parallels with IRA requirements are also very strong. Consequently the basic processing requirements for HSAs currently exist within our system. We have invested in the areas of specialization required by the healthcare industry and will continue to do so to meet the changing needs of the industry.

Our most unique differentiator is the comprehensive turnkey branded solution we provide to clients, including extensive support at the client, employer and employee level. The HSA is an account with extensive investment features available to the consumer, including a full array of interest calculation options and sweep investment options. While conducting a transaction, the consumer will have the same convenient access as any standard checking account, including check, ACH, ATM and debit card. The regulatory reporting infrastructure is already in place because we are leveraging our extensive Retirement Account regulatory tracking and reporting system to accommodate IRS reporting requirements.