The companies behind this Killer Technology have shown that virtual prepaid cards can dramatically improve payments efficiency for consumers and healthcare providers.
Overland Park, KS (PRWEB) March 19, 2014
StoreFinancial, Pay-Plus Solutions (PPS) and UMB Bank (UMB) were awarded the prestigious Best in Category award in Killer Technology at the eighth annual Paybefore Awards for PPS’ Virtual Healthcare Claims Settlement platform. This commercial e-payment platform uniquely combines the efforts of three diverse industry partners to create a more streamlined payment solution for healthcare providers.
Virtual Healthcare Claims Settlement is a technology solution that solves a problem in two highly regulated industries—payments and healthcare. The platform automates claims payments to healthcare providers using a virtual card application, reducing the time for payees to receive payment by 60 to 80 percent compared to checks and ACH. Plus, because the technology relies on virtual prepaid cards, no sensitive banking information is shared or stored.
The platform was developed by PPS in collaboration with StoreFinancial, the payment processor, and UMB, the program manager and issuer.
PPS offers the only system designed exclusively for healthcare that combines banking functions, claim payments and remittance. PPS utilizes a patent-pending process to deliver funds electronically via a virtual card along with an explanation of payment (EOP) directly to healthcare providers via a newly developed web-based portal on http://www.ppsonline.com.
“Healthcare has been fertile ground for prepaid in the HSA, FSA and HRA markets, but the opportunities don’t stop there. The companies behind this Killer Technology have shown that virtual prepaid cards can dramatically improve payments efficiency for consumers and healthcare providers,” said Loraine DeBonis, Paybefore editor-in-chief and chair of the judging panel.
Companies and programs from around the globe were all vying for top honors at the 2014 Paybefore Awards. DeBonis continues, “As in years past, this competition showcases the strides our industry continues to make in advancing financial inclusion, helping businesses and government overcome challenges and finding new ways to provide value through electronic payments.”
DeBonis adds, “We are proud to recognize StoreFinancial’s contributions to advancing the industry.” StoreFinancial also received a Paybefore award for Best Choice Retail Card and another for Killer Technology.
Paybefore is the leading information provider to prepaid, mobile and emerging payments industry professionals, offering the latest news, commentary and analysis. Paybefore’s family of industry publications includes: Paybefore.com; Pay NewsTM; Pay GovTM; Pay WeekTM; Pay Op-EdTM; Pay MagazineTM, a biannual print publication featuring in-depth articles on the opportunities, challenges and trends in the global payments industry; and the only industry directory, Pay ConnectTM buyer’s guide, available online and in print. Visit us at http://www.paybefore.com.
About Pay-Plus® Solutions, Inc.
Pay-Plus® Solutions, Inc. (PPS) delivers easy, fast and reliable electronic payments and explanation of payments to healthcare providers upon adjudication of valid and payable medical claims and reconciliation. The PPS system utilizes a patent pending process to deliver funds electronically via ACH and EOPs directly to healthcare providers via a newly developed web-based portal http://www.ppsonline.com. PPS is the only system designed exclusively for healthcare that combines banking functions, claim payments and remittance and integration with traditional paper processes.
StoreFinancial is a leading payments processor and program manager, specializing in delivering custom payments and prepaid solutions throughout North America and Europe. In just over ten years, StoreFinancial has built a portfolio of more than 600 clients and has become one of the world’s largest private-label program transaction processors and program managers. The company is headquartered in Overland Park, KS. Visit us at http://www.storefinancial.com.
About UMB Financial Corporation
UMB Financial Corporation is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing, healthcare services and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.