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.
The Emerging Payments Association discuss the impact of Brexit on the fintech industry at the latest payments industry event.
Jonathan Quin, co-founder and CEO of World First, explores how established financial institutions and newer fintech disruptors stand to benefit from collaborating with one another in the fast-moving financial services sector.
With advancements in technology and the subsequent availability of data, it seems surprising that banks seem to know less about their customers than ever before.
In an era where cheques are largely a thing of the past for organisations that operate within these shores, many people will be surprised to learn that many overseas B2B payments are still made by cheque.