KANSAS CITY, Mo., Sept. 9, 2020 /PRNewswire/ -- UMB Healthcare Services, a division of UMB Financial Corporation (Nasdaq: UMBF), announced today a new cost-effective payment processing solution that is tailor-made for small to mid-size benefit administrators. It offers a full suite of multi-purpose benefit card management services, including issuing, processing and administration. UMB is taking its years of card expertise and its long-standing integrated relationships with global payments technology organizations to provide an easy-to-use benefit card solution for all types of consumer directed healthcare (CDH) accounts.
This new offering from UMB eliminates the need to establish a costly payment technology services relationship and work with a processor.
"We are excited to offer this unique service to help benefit administrators save both time and money," said Phil Mason, executive vice president, chief operating officer and director of UMB Healthcare Services. "At UMB, we focus on creating financial success for all of our customers. That's why we continually adapt our approach and develop new products and services to help customers reach their financial goals."
Benefit administrators can now open, fund and manage all CDH cards assigned to accountholders and their dependents for health savings accounts, health reimbursements accounts, flexible spending accounts and transit/commuter accounts. Administors can receive all their card program needs in one place by plugging into UMB's reliable connection with the payment processor. Services provided include:
Card enrollment and issuance
Funding and settlement
UMB's API-driven processes allow administrators to receive real-time data that allows for timely access to key information. The simplified batch file process filters and interprets the complex large processor data files, which delivers the data in an easy-to-use format.
As an experienced card issuer with a direct relationship with the processor, UMB acts as an invaluable partner, providing back-office support by handling requests related to card closures, reissuance, dispute, chargebacks and more.
About UMB: UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Missouri. UMB offers commercial banking, which includes comprehensive deposit, lending and investment services, personal banking, which includes wealth management and financial planning services, and institutional banking, which includes asset servicing, corporate trust solutions, investment banking, and healthcare services. UMB operates branches throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, and serves business and institutional clients nationwide. For more information, visit UMB.com, UMB Blog, UMB Facebook and UMB LinkedIn, or follow us on Twitter at @UMBBank. For information about UMB's operations, approach and relief measures during the COVID-19 pandemic, please visit umb.com/COVID-19.