Elevate and Visa Collaborate on "Push to Debit" Health Reimbursements
DENVER, Feb. 16, 2022 /PRNewswire/ -- Elevate, the next generation consumer directed benefits platform, today announced its collaboration with Visa to implement Visa Direct1, Visa's real-time2 push payments platform, enabling Elevate customers to offer their employees quick and seamless access to their healthcare reimbursements.
Employees' frustrating, time consuming experiences when requesting reimbursements for covered medical and related expenses using their FSAs, HSAs, and HRAs, have limited the uptake and use of employer-offered healthcare benefits across the U.S.
With the Elevate program, employers can offer a secure and completely user-friendly service to their employees, who will no longer feel bogged down or hamstrung by the complicated process of submitting or receiving reimbursements for covered medical expenses. Elevate's embeddable, API (application programming interface)-driven, full benefits administration platform seamlessly manages and powers out-of-pocket costs and uses OCR (optical character recognition) technology to read uploaded receipts and reimburse employees within the same day via direct deposit to their checking accounts, Venmo accounts, or now, with Visa Direct, to their eligible debit cards and prepaid cards in real-time.
"We consistently hear from employers how frustrating it is that it takes employees so long to get their benefit reimbursement claims processed and paid. With rising costs of everything, getting employees money back into their hands as quickly and easily as possible is core to Elevate's mission." said Brian Cosgray, CEO and co-founder, Elevate. "By integrating Visa Direct into Elevate's platform, we're enabling real-time reimbursements for employees, thus enabling a competitive edge for employers looking to improve their benefits programs."
Elevate makes life easier for employers and employees by bringing innovation, simplicity, and security to HSA, HRA, FSA, commuter benefits and more. With Elevate, employees can easily view, plan and manage their pre-tax benefits from a single intuitive dashboard, whether on the web or mobile. All benefits can be accessed and delivered through one contactless card. Claims are processed instantly, and reimbursement takes place within minutes. For more information, visit www.elevate.inc.
1 Visa Direct capability enabled through Elevate's financial institution partners.
2 Actual fund availability depends on receiving financial institution and region.
Laura Schooler | 917-446-5717
Mariah Borthwick | 347-764-7819