PR - Canopy Partners with Wolters Kluwer to Deliver New HSA Management Service

Canopy Financial, a provider of innovative technology solutions that connect healthcare and financial services, announced it has contracted with Wolters Kluwer Financial Services, a provider of compliance, content, and technology solutions that helps more than 15,000 financial organizations manage risk and improve efficiency across their enterprise.

Through the relationship, Canopy’s HealthDirect Health Savings Account (HSA) technology platform has been integrated into Wolters Kluwer Financial Services’ new HSA Director, a Health Savings Account (HSA) management system that provides financial institutions and their commercial and retail clients fast, easy, and compliant HSA enrollment and management capabilities. While HSA Director will be marketed to financial institutions nationally, the new product will make Canopy’s award-winning healthcare banking platform, which currently services and supports the HSA programs of several Fortune 500 financial institutions and healthcare companies, available to all banks and credit unions for the first time.

“As the HSA market continues to accelerate, financial institutions are increasingly offering these types of accounts to the employer and consumer clients they service,” said Luis Doffo, Senior Vice President, Canopy Financial. “Our relationship with Wolters Kluwer Financial Services is extremely important as it helps Canopy dramatically extend its market penetration particularly into the bank and credit union market through HSA Director, a seamless, leading edge healthcare banking product that helps financial institutions meet the HSA needs of their customers.”

“Wolters Kluwer Financial Services is committed to helping financial institutions take advantage of the rapid growth in HSAs and the Consumer Directed Healthcare market,” said Dave Roy, General Manager, Banking, Wolters Kluwer Financial Services. “HSA Director integrates our leading HSA compliance documents and content into Canopy’s HealthDirect HSA technology platform and not only gives financial institutions an opportunity to more efficiently provide customers with portable Health Savings Accounts, but offers their commercial clients a complete and comprehensive solution, which is critical when competing with healthcare-owned financial service providers.”

Wolters Kluwer Financial Services provides best-in-class compliance, content, and technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has annual revenues (2006) of € 3.4 billion ($4.3 billion), employs approximately 18,450 people worldwide, and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands.