Products December 6, 2004

Mellon Teams up with MBI to Offer HSA Product

December 6, 2004 (PLANSPONSOR.com) - Mellon Financial's Human Resources & Investor Solutions (HR&IS) and employee benefits software company MBI have signed a letter of intent to offer a Mellon health savings account (HSA).
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The HSA, meant for health plans and third party administrators, will offer a single source to establish HSAs as well as process, track and transfer payments for these accounts, according to a Mellon press release. Groups that opt to use the HSA can offer a debit card, the MBI Benefits Card, to their participants.

Mellon has recently also joined forces with Great-West Healthcare to offer a similar product (See Mellon & Great-West Health to offer HSAs ).

MBI offers consumer-directed benefit payment platforms ( www.mbibenefits.com ), while Mellon’s Resource & Investor Solutions is part of Mellon Financial ( www.mellon.com ), a global financial services company.

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