Aiming to take the headache out of managing healthcare and benefits payments, is Evolution 1. Based in Fargo and snapped up by Wex in 2014, the firm now powers 200,000 employer groups and now counts 17m consumers on its platform. It says it’s processed more than 150m transactions and facilitated “billions” of dollars in reimbursements.
During an interview in the Finetics™ Studio by The Bancorp at Money20/20 in Las Vegas, COO and president Chris Byrd talks about the role of prepaid, the state of payments in healthcare and what’s next for the industry.
“The reason I love this industry is that there is so much innovation and energy,” Byrd tells PaymentEye. “But the other thing that’s so exciting is the extent to which we’re simplifying the back office experience for health plan and benefit plan administrators. Electronic payments are so much more efficient than a paper claim where you have to cut a cheque or issue an EFT. We’re making the process better for employers and consumers.”
Access more insights on ‘B2B Payments Trends’ from Rene Lacerte and Steve Kirsch on The Bancorp’s Finetics blog.
In this guest post, Anthony Walton, CEO of Iliad Solutions, explores how businesses and regulators can increase the safety and efficiency of transactions, and introduce technological advances into the system.
Payment terminals have stayed the same over the last 10 years, with steady advances in contactless and mobile wallet transactions. Retailers and brands are making a conscious effort to get closer to consumers.