CHICAGO, Feb. 26, 2007 (PRIME NEWSWIRE) -- Canopy Financial, a leading provider of financial technology and electronic payment solutions to the healthcare and financial services industries, announced today that it has been selected by Fifth Third Processing Solutions, one of the nation's largest providers of credit, debit, EBT, ACH and check acceptance services and headquartered in Cincinnati, Ohio, to power a unique suite of healthcare banking services for consumers, employers, health insurers, providers, administrators, and other financial institutions.
Canopy's award-winning products and services will be integrated with the payment processing technologies of Fifth Third Processing Solutions to create a leading end-to-end CDH platform complete with integrated investment options.
"Consumer-directed health plans have changed the role financial institutions play in helping consumers manage their healthcare expenses," said Charles Drucker, President, Fifth Third Processing Solutions. "Canopy's product leadership and deep understanding of the healthcare financial services landscape makes for an exciting partnership that is already benefiting our financial institution customers."
"Canopy is very pleased to be partnered with Fifth Third Processing Solutions on this exciting initiative," said Vik Kashyap, Chairman and Founder of Canopy Financial. "Integrating the capabilities of HealthDirect(sm) with Fifth Third's best-in-class payment solutions results in a powerful combination of healthcare-oriented banking products."
Fifth Third is now offering Health Savings Accounts managed by the HealthDirect(sm) platform to retail customers and commercial banking clients.
About Fifth Third Processing Solutions
Fifth Third Processing Solutions, a division of Fifth Third Bank, an Ohio Banking Corporation, is one of the nation's largest providers of credit, debit, EBT, ACH and check acceptance services. Established in 1973, Fifth Third's high-end in-house processing capabilities offer an unparalleled combination of flexibility, reliability, experience, and proactive support. Fifth Third innovations include the development of JEANIE(r), the nation's first modern ATM network and Fifth Third Direct(sm), the industry-leading interactive, Internet-based back-office support system. As one of the five businesses operated by Fifth Third Bancorp, headquartered in Cincinnati, Ohio, Fifth Third Processing Solutions processes 21 billion ATM and POS transactions per year for more than 142,100 merchant locations and 2,300 financial institutions worldwide, including First Niagara Financial Group, Sovereign Bank, The Kroger Co., AutoZone, Abercrombie & Fitch, Nordstrom, Inc. and The Finish Line. Annually, Fifth Third processes $148.1 billion in credit card sales. More information may be found at www.53.com.
About Canopy Financial
Canopy Financial is a leading provider of financial technology and electronic payment solutions to the healthcare and financial services industries. Serving a diverse range of healthcare, financial services, and technology clients, Canopy delivers best-in-class consumer-driven healthcare products and financial technology services through its market-leading offerings, including HealthDirect(sm), HealthDirect Investments(sm), HealthDirect Bill Pay(sm), CardLink(sm), HSA Marketplace(sm), and HealthScore(sm). Canopy syndicates its Health Savings Account thought leadership and domain expertise through its portal HSA Insider (www.hsainsider.com), a leading online resource regarding Health Savings Accounts. Canopy maintains offices in Chicago and New York. For more information, please visit our web site at www.canopyfi.com or call 1-866-960-4700.