TSYS, a provider of outsourced payment services, has signed a Consumer Directed Healthcare (CDH) benefit cards agreement with US Bank, a subsidiary of Minnesota-based US Bancorp. The agreement will allow US Bank cardholders to access multiple spending accounts, cash and lines of credit from a single card.
As part of the agreement, TSYS will continue to support the bank’s commercial card payment services and become its exclusive partner in providing card processing services for the bank’s CDH benefit cards, issued by its healthcare payment solutions business line.
Ralph Bernstein, senior vice president of healthcare payment solutions at US Bank, said: “Now, more than ever, consumers need to control and manage how their healthcare dollars are spent. We are confident that TSYS is the right choice for our business, as we continue to expand our suite of innovative, card-based healthcare payment options to those consumers.”
Troy Woods, president and chief operating officer of TSYS, said: “US Bank has been among the most valued commercial card clients for more than two decades, and we are proud to add this new element to our long-standing relationship. We look forward to helping the bank develop cost-effective benefit payment choices for its consumer directed healthcare program.”