InComm Payments, a leading payments technology company, announced its acquisition of Zenda, a developer of employee health and benefits solutions known for its innovative health savings account (HSA) and flexible spending account (FSA) platform. Strengthening InComm Payments’ position as a leader in the healthcare payments industry, the acquisition marks the company’s first expansion into the employer health benefits category with unique HSA and FSA solutions that leverage artificial intelligence (AI) to automate Internal Revenue Service (IRS) rules and streamline account management.
“Zenda stands out for their commitment to simplifying HSAs and FSAs for both businesses and their employees,” said Brian Parlotto, Executive Vice President at InComm Payments. “This closely aligns with the mission of our InComm Healthcare business unit, which streamlines supplemental benefits management for health plans and their members. Together, we look forward to helping more people better manage their health expenses and livelihoods.”
Latest Fintech News: US Leads the Way as Regulators Commit to Robust Crypto Rules
Zenda’s self-driving HSA and FSA solutions automate tasks such as expense-tracking and record-keeping to maximize value for employees, whether they use an account for spending or investing. Through Zenda’s native mobile apps or web portal, account holders can access automatically generated receipts as well as guidance on making contributions and withdrawals. Finally, Zenda provides built-in expert tax-saving strategies that help users avoid missing tax deductions, which ultimately leads to higher tax savings and satisfaction.
“Companies tell us that employees underutilize their HSA benefits because they are too complicated to properly manage despite education,” said Waqar Hasan, Co-Founder and CEO of Zenda. “We make it easy for companies and employees to save more money by offering a much-needed alternative to legacy products that dominate the market today. We are excited to join the InComm Payments team and bring our self-driving HSA and FSA platform to more businesses and families across the country.”
Latest Fintech News: PaymentComponents and Brillio Forge Strategic Partnership to Revolutionize Global Payments Solutions
Zenda’s use of automation extends to a unified debit card, which is connected to an HSA or FSA account plus an everyday checking account. As employees make payments with the card, Zenda’s platform automatically detects and routes medical expenses to the HSA or FSA, while non-eligible purchases are charged to the everyday account. This ensures employees do not miss eligible transactions, making it easier for them to manage their health and budget.
The HSA and FSA solutions strengthen the healthcare payments and technology solutions offered by InComm Payments and its InComm Healthcare business unit, such as the Dual Network Benefit Card™, which gives Medicare and Medicaid health plans the ability to easily add more than one supplemental benefit, reward or healthy foods program to a single member card. The product enables cardholders to use employer or health plan-sponsored funds to purchase eligible products at more than 66,000 retail locations participating in the company’s over-the-counter (OTC) Network®.
Latest Fintech News: LeaseQuery Acquires Stackshine to Help Companies Track and Optimize Software Spend and Usage
[To share your insights with us, please write to sghosh@martechseries.com]