In its announcement, Fiserv ISS said that, by offering HSAs using Fiserv ISS, smaller banks, savings and loans and credit unions can offer the product to customers without incurring staffing expense to manage documents that support the product. Skip Schweiss, executive vice president at Fiserv ISS, said in the announcement, “By outsourcing HSA documents to us, smaller financial institutions can compete in this market at far less cost than creating an HSA department in house.”
As the third-party directed trustee, Fiserv ISS provides plan documents, which include trust agreements, disclosure statements, adoption agreements and beneficiary forms, and provides technical support and training to the financial institutions. In addition to a call center to answer questions, Fiserv ISS will provide Webcasts to educate financial institutions about HSAs.
Fiserv Investment Support Services provides products and services through Fiserv Affinity, Inc., and Fiserv Trust Company. The Web site is www.fiserviss.com .