KANSAS CITY, Mo.--(BUSINESS WIRE)--
UMB Healthcare Services, a division of UMB Bank, n.a., has launched two new technology features, Apple Pay® and ReceiptVault, to continue its efforts in building a seamlessly integrated customer experience for health savings account (HSA) customers.
With Apple Pay, customers can add their UMB Healthcare Services Visa® debit card to the Apple Pay virtual wallet on their mobile device to make eligible medical expense purchases. This allows the customer to make secure and confidential purchases without swiping or entering card information.
ReceiptVault allows UMB customers to safely track and manage their health care receipts in one place, which is an important tax requirement for HSA owners. ReceiptVault can also be beneficial to UMB customers who have an HSA in conjunction with a long-term savings goal, such as retirement planning. Employee Benefits Research Institute estimates the average retired 65-year-old couple will need a combined savings of $350,000 to cover their medical expenses in retirement. ReceiptVault helps customers organize healthcare expenses by keeping track of all receipts so reimbursement from HSAs can be made when needed, even in retirement.
HSA receipts can be scanned and uploaded onto a laptop or simply captured via photo on a mobile device. All receipts are then filed in ReceiptVault for convenient and easy access along with secure, long-term storage.
Last year, UMB launched an innovative, cloud-optimized HSA solution powered by Microsoft Azure and these new offerings continue to build on UMB’s digital transformation approach through consumer-centric, simplistic design including real-time access to relevant information.
“UMB Healthcare Services is committed to investing in technology to help ensure our customers find efficiency and value in every step of their journey,” said Begonya Klumb, CEO of UMB Healthcare Services. “Through our transformation into the digital space, we are paving the way for the ideal customer healthcare financial experience. With the addition of Apple Pay® and ReceiptVault, we are able to offer our customers a flexible and individual approach to their user experience.”
For more information, visit hsa.umb.com/tools.
UMB Healthcare Services is one of the top HSA custodians in the nation with over 1 million HSA accounts and $2.3 billion in HSA deposits and investment assets, as of Sept. 30, 2017. According to the 2017 Midyear Devenir Report, UMB Healthcare Services ranks fifth in total accounts and seventh in total assets among all HSA providers.
About UMB
UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors. For more information, visit umbfinancial.com, umb.com, blog.umb.com or follow us on Twitter at @UMBBank, Facebook at facebook.com/UMBBank and LinkedIn at linkedin.com/company/umbbank.
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