BISYS Launches Web Tool on HSAs

December 6, 2006 ( - BISYS has released an internet-based tool that allows financial organizations to provide their clients with access to consumer education, the ability to generate signature-ready documents for health savings accounts (HSAs) and a method to calculate HSA scenarios.

The HSA Service Center application allows financial organizations to customize the Web site at their discretion while BISYS continues to support and update the core compliance and educational content, according to a press release from the company. The tool uses the same format as BISYS’ IRA Service Center.

“At its core, the health savings account operates in a nearly parallel structure as the IRA when one considers the documentation and reporting requirements,” said Steve Christenson, vice president of BISYS Retirement Services, in the press release.

The company’s new offering aims to capitalize on the growing number of HSAs opened by financial organizations, which BISYS says had accumulated more than $2 billion in assets by the end of 2005. That figure is expected to reach $48 billion in 2010, according to the press release.