News

Metavante, Value Eyecare Network partner for substantiation of FSA-eligible purchases

May 21, 2006

MILWAUKEE - Metavante Corp. and Value Eyecare Network Inc. are partnering to provide automated, electronic substantiation of flexible spending account-eligible purchases for customers who use Metavante's MBI Benefits Card.

According to a news release, Value Eyecare's 39dollarglasses.com provides finished prescription eyeglasses and other vision-related products exclusively through its Web site.

Automated substantiation eliminates the need for traditional, paper-based claims reimbursement processes for both the FSA participant and administrator. When a customer initiates a purchase at 39dollarglasses.com, the Web site separates FSA-eligible from non-eligible items in the online shopping cart. Metavante then automatically substantiates the FSA-eligible portion of the transaction on the benefits debit card, and the customer can purchase the non-FSA-eligible items with another form of payment.

"By eliminating the paper-based barriers to FSAs, consumers can enjoy new conveniences, which can drive increased enrollment for administrators and, ultimately, increase benefit debit card usage at retailers," said John M. Reynolds, president of Metavante Healthcare Payment Solutions.