SOURCE: Canopy Financial

November 05, 2008 08:30 ET

Comerica Selects Canopy's On-Demand HealthCare Banking Platform to Power HealthReserve Health Savings Account Offering for Employers and Consumers

Canopy's HealthDirect Offers Turnkey Administration and Account Management Platform to Meet Needs of Accelerating Consumer Driven Healthcare Market

SAN FRANCISCO, CA and CHICAGO, IL--(Marketwire - November 5, 2008) - Canopy Financial, a pioneer in innovative healthcare banking technology solutions that connect healthcare and financial services, today announced that Comerica Bank has selected Canopy's On-Demand healthcare banking platform to power HealthReserve(SM), Comerica's Health Savings Account (HSA) offering for employers and consumers. Canopy's industry-leading HealthDirect® supports the healthcare banking programs of some of the largest financial institutions in America. With average HSA account balances growing at double digit rates quarter over quarter since the beginning of 2008 (according to Canopy's HSA Market Report), HealthDirect® offers a robust, turnkey administration and account management platform for all Consumer Driven Healthcare-related spending accounts, including HSAs, Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs).

"Comerica's business banking focus sets it apart from other financial institutions in the HSA space," said Vik Kashyap, CEO of Canopy. "Through HealthDirect, Comerica's business banking and consumer clients now have access to leading edge healthcare banking features like electronic payments, investment trading, and 24/7 online HSA account administration."

HealthDirect Product Features

Canopy's industry-leading HSA administration and account management technology platform, HealthDirect®, allows financial institutions to completely control branding, pricing, and HSA account functionality. Additionally, HealthDirect® enables HSA account holders the ability to manage their own investment accounts in concert with the management of their CDH account, offering the benefit of a single user experience, consolidated reporting, clearinghouse, broker/dealer, and record-keeping services as standard functionality.

About Canopy Financial

Canopy provides innovative technology solutions that connect healthcare and financial services. Serving some of the world's largest healthcare and financial institutions, Canopy powers the development and delivery of complete healthcare banking services for both consumers and businesses. Founded in 2004, Canopy maintains offices in San Francisco and Chicago. For more information, please visit http://www.canopyfi.com or call 1-866-960-4700.