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Canopy Secures $8 Million from Foundation Capital [8/18/2008]
SAN FRANCISCO and CHICAGO, August 18, 2008
– Canopy Financial, a pioneer in
innovative
healthcare banking technology solutions that connect healthcare and
financial services, today announced it has secured eight million dollars from
leading venture capital firm
Foundation Capital. Canopy, which announced a 15 million dollar
funding round in January of this year from
GGV Capital, will use the additional funds towards continued
innovation in consumer-driven healthcare technologies. In addition, Canopy will
expand its flagship product
HealthDirect®, the healthcare banking industry’s leading
administration and account management platform for Health Savings Accounts
(HSAs), Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements
(HRAs).
“Forty three percent of all employers surveyed say they will offer HSAs or HRAs to their employee base in 2008. This injection of funds from Foundation Capital allows us to meet accelerating market demand, and gives us the ability to continue to play a key role in bringing about unprecedented change in the largest sector of the economy – healthcare,” said Vik Kashyap, CEO of Canopy. “Canopy is the clear leader in healthcare banking technologies,” said Charles Moldow, General Partner with Foundation Capital. “We believe the company’s management team and unique market vision will continue to be a potent combination as the company enables the paradigm shift occurring today in healthcare and financial services.” Canopy’s industry leading electronic payment, account management, and investment technology platform HealthDirect® supports the healthcare banking programs of some of the largest banks and health plans. Canopy was recently named a winner of the Red Herring 100 North America 2008, an award that seeks to identify the next generation of innovators and disruptors.
Founded in 1995, Foundation Capital is a venture capital firm committed to
supporting entrepreneurs and their companies, targeting innovative opportunities
in cleantech, consumer Internet and infrastructure, telecommunications and
networking, and enterprise software and on demand services. Foundation capital
funds total more than $2.4 billion. For more information,
http://www.foundationcapital.com About Canopy Financial Canopy Financial provides innovative technology solutions that connect healthcare and financial services. Serving some of the world’s largest healthcare and financial institutions, Canopy powers the development and delivery of complete healthcare banking services for both consumers and businesses. Founded in 2004, Canopy maintains offices in San Francisco and Chicago. For more information, please visit our web site at www.canopyfi.com or call 1-866-960-4700. Contact: Foundation Capital:
### Canopy Financial Releases Statistics on Health Savings Account Usage [6/19/2008]
SAN FRANCISCO and CHICAGO, June 19, 2008
– Canopy Financial, the provider
of financial technology and electronic payment solutions to five of the top 25
banks and the largest managed care companies, announced today the release of its
inaugural Health Savings Account (HSA) Market Report for Q1 2008. The report
highlights key market indicators and will be published quarterly.
The report shows that HSAs, on average, have larger balances than retail checking accounts, and that funds held in both deposit and investment accounts grew significantly. “Canopy’s HSA Market Report aggregates real consumer account data nationally to describe key features of HSA usage,” said Vik Kashyap, CEO of Canopy Financial. “Americans are using HSAs not only for health expenditures, but as long term savings and investment vehicles.” Average investment account inflows were more than double average outflows for the quarter. HSA account holders age 50+ had more than double the amount invested at the end of Q1 on average compared with account holders age 25-40. The HSA Market Report breaks out actual spend characteristics by category, including bill payments, reimbursements, debit card transactions, checks, and ATM withdrawals. It also provides key data on Customer Service Representative (CSR) touches for the quarter. Available immediately, the report can be downloaded at www.canopyfi.com. About Canopy Financial Canopy Financial provides innovative technology solutions that connect healthcare and financial services. Serving some of the world’s largest healthcare and financial institutions, Canopy powers the development and delivery of complete healthcare banking services for both consumers and businesses. Founded in 2004, Canopy maintains offices in San Francisco and Chicago. For more information, please visit our web site at www.canopyfi.com or call 1-866-960-4700. Contact:
Canopy Financial: ### Canopy Financial Named Red Herring 100 North America 2008 Winner [5/20/2008]
SAN FRANCISCO and CHICAGO, May 20, 2008
– Canopy Financial, a leading
provider of financial technology and electronic payment solutions to the
healthcare and financial services industries, announced today the company has
been named a winner of the Red Herring 100 North America 2008, an award which
recognizes the 100 most promising companies driving the future of technology.
Canopy is working to solve the current healthcare crisis in America through
patent-pending technologies and services that drive the emerging healthcare
banking industry and market for Consumer Driven Healthcare (CDH).
"We are extremely pleased to have been named a winner of the Red Herring 100 North America 2008, an award that seeks to identify the next generation of innovators and disruptors," said Vik Kashyap, CEO of Canopy Financial. "Today Americans spend more than two trillion dollars or roughly sixteen percent of GDP annually on healthcare, and over forty million Americans lack health insurance coverage. Canopy's innovative technologies are revolutionizing healthcare banking for many of the nation's largest financial institutions and healthcare companies, changing the way businesses and consumers more affordably access and manage healthcare benefits and spending dollars. To be recognized by Red Herring for our efforts is a tremendous honor." "The large number of entries in this year's competition demonstrates that the economic slowdown has not affected technology innovation," said Joel Dreyfuss, editor-in-chief of Red Herring. "The companies on this year's list are proof that creative ideas continue to find the funding that turns them into promising businesses." HealthDirect, Canopy Financial's core service offering, is the leading technology-enabled administration and account management platform for Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), and Voluntary Employees' Benefit Associations (VEBAs). HealthDirect allows healthcare and financial institutions to dramatically streamline the administration of health-related spending accounts, while enabling total control over branding, pricing, fees, interest rates, substantiation rules, and the entire customer experience. About Canopy Financial Canopy Financial provides innovative technology solutions that connect healthcare and financial services. Serving some of the world’s largest healthcare and financial institutions, Canopy powers the development and delivery of complete healthcare banking services for both consumers and businesses. Founded in 2004, Canopy maintains offices in San Francisco and Chicago. For more information, please visit our web site at www.canopyfi.com or call 1-866-960-4700. Contact:
Canopy Financial: ### HSA Insider Releases 2008 Edition of HSA Road Rules [5/8/2008]
SAN FRANCISCO and CHICAGO, May 8, 2008
–
HSA Insider, a division of Canopy Financial and online leader in
Health Savings Account (HSA) education and related services, today announced the
release of the sixth edition of HSA Road Rules, the most widely distributed
reference guide on Health Savings Accounts. New for 2008, the HSA Insider has
separated the Road Rules into two versions for Employers and for
Employees/Individuals. Both versions are available for download at
www.hsainsider.com.
"HSA Road Rules is the definitive reference guide for businesses and consumers interested in high deductible health plans and HSAs," said Traci Roberts, Director of Marketing for Canopy Financial. "Since its launch in 2004, HSA Road Rules has been downloaded by thousands of U.S. businesses, health insurers, financial institutions, and third party administrators, and has provided millions of healthcare consumers with clear, concise guidance on the evolving laws, contribution limits, plan deductibles, along with key plan management considerations concerning HSAs." The updated editions include the following updated 2008 figures for:
Additionally, the sixth version of HSA Road Rules for Employers also includes new rules on employer comparable contributions issued by the IRS that became effective on April 17, 2008. Canopy Financial has incorporated the new regulations for 2008 into all of its products, including its award-winning HealthDirect technology platform for Health Savings Account management, and the company’s recently launched MyCanopy.com online service, which offers businesses of any size and consumers a single online destination for procuring and managing high deductible health insurance plans and their requisite attached HSAs. Training materials, customer service, and welcome kits have also been updated. About Canopy Financial Canopy Financial provides innovative technology solutions that connect healthcare and financial services. Serving some of the world’s largest healthcare and financial institutions, Canopy powers the development and delivery of complete healthcare banking services for both consumers and businesses. Founded in 2004, Canopy maintains offices in San Francisco and Chicago. For more information, please visit our web site at www.canopyfi.com or call 1-866-960-4700. Contact:
Canopy Financial: ### Canopy Partners with Wolters Kluwer to Deliver New HSA Management Service [1/22/2008]
SAN FRANCISCO and CHICAGO, January 22, 2008
– Canopy Financial, a leading
provider of innovative technology solutions that connect healthcare and
financial services, today announced it has contracted with Wolters Kluwer
Financial Services, a provider of compliance, content, and technology solutions
that helps more than 15,000 financial organizations manage risk and improve
efficiency across their enterprise. Through the relationship, Canopy’s
HealthDirect Health Savings Account (HSA) technology platform has been
integrated into Wolters Kluwer Financial Services’ new
HSA Director™,
a Health Savings Account (HSA) management system that provides financial
institutions and their commercial and retail clients fast, easy, and compliant
HSA enrollment and management capabilities. While HSA Director will be marketed
to financial institutions nationally, the new product will make Canopy’s
award-winning healthcare banking platform, which currently services and supports
the HSA programs of several Fortune 500 financial institutions and healthcare
companies, available to all banks and credit unions for the first time.
“As the HSA market continues to accelerate, financial institutions are increasingly offering these types of accounts to the employer and consumer clients they service,” said Luis Doffo, Senior Vice President, Canopy Financial. “Our relationship with Wolters Kluwer Financial Services is extremely important as it helps Canopy dramatically extend its market penetration particularly into the bank and credit union market through HSA Director, a seamless, leading edge healthcare banking product that helps financial institutions meet the HSA needs of their customers.” “Wolters Kluwer Financial Services is committed to helping financial institutions take advantage of the rapid growth in HSAs and the Consumer Directed Healthcare market,” said Dave Roy, General Manager, Banking, Wolters Kluwer Financial Services. “HSA Director integrates our leading HSA compliance documents and content into Canopy’s HealthDirect HSA technology platform and not only gives financial institutions an opportunity to more efficiently provide customers with portable Health Savings Accounts, but offers their commercial clients a complete and comprehensive solution, which is critical when competing with healthcare-owned financial service providers.” About Wolters Kluwer Financial Services Wolters Kluwer Financial
Services provides best-in-class compliance, content, and technology solutions
and services that help financial organizations manage risk and improve
efficiency and effectiveness across their enterprise. The organization’s
prominent brands include Bankers Systems, VMP® Mortgage Solutions, PCi, GulfPak,
Desert Document Services, AppOne® GainsKeeper®, CCH® Capital Changes, NILS
INSource®, AuthenticWeb™ and CCH Wall Street®. About Canopy Financial Canopy Financial provides innovative technology solutions that connect healthcare and financial services. Serving some of the world’s largest healthcare and financial institutions, Canopy powers the development and delivery of complete healthcare banking services for both consumers and businesses. Founded in 2004, Canopy maintains offices in San Francisco and Chicago. For more information, please visit our web site at www.canopyfi.com or call 1-866-960-4700. Contact: Wolters Kluwer Financial Services: Chuck Miller, Senior
Public Relations Specialist, 320/240/5457
Canopy Financial: ### Canopy Financial Completes $15 Million Capital Raise [1/10/2008]
SAN FRANCISCO and CHICAGO, January 10, 2008
– Canopy Financial, a leading
provider of innovative technology solutions that connect healthcare and
financial services, today announced it has completed a minority capital venture
funding round of approximately 15 million dollars. Led by
Granite Global Ventures, the
new funding round will support product development and marketing of Canopy’s
leading edge healthcare banking technologies for the rapidly growing Health
Savings Account (HSA) and Consumer-Driven Healthcare (CDH) market.
“Many of the nation’s leading healthcare and financial institutions have selected Canopy to power their healthcare banking initiatives, which helped accelerate our revenues in 2007 by more than fourteen times since 2006, making Canopy one of the fastest growing companies in America today,” said Vik Kashyap, CEO of Canopy Financial. “We are extremely pleased that Granite Global Ventures, which has backed such companies as Athenahealth (NASDAQ: ATHN) and SuccessFactors (NASDAQ: SFSF), is our strategic investor as we pursue our long term strategy of affecting major change in the consumer-driven healthcare market.” “The consumer-driven healthcare market is one of the most dynamic and rapidly expanding market segments in America today,” said Glenn Solomon, Managing Partner with Granite Global Ventures. “For our entry into this market, we chose to invest in Canopy Financial, which with its innovative healthcare banking technology, proven management team, and significant market lead is poised to be at the forefront of what we anticipate will be a paradigm shift in healthcare and financial services.” Along with Canopy’s industry leading electronic payment, account management and investment technology platform HealthDirect that supports the healthcare banking programs of Wachovia, Fifth Third Bank, Sovereign Bank, eHealthInsurance and Caremark, Canopy recently launched MyCanopy.com, a single online destination for businesses and consumers to source and manage everything they need relating to high deductible health plans and HSAs. Financial Technology Partners LP and FTP Securities LLC (together "FT Partners") acted as exclusive strategic and financial advisors to Canopy in this transaction. About Granite Global Granite Global Ventures is a leader in expansion-stage venture capital investments in the United States and Asia. Focused on expanding global innovation, GGV’s highly diverse team manages over $800 million from its offices in Silicon Valley, Shanghai, and Singapore. The firm invests across a range of sectors in information technology, services and healthcare, as well as emerging industry segments in Asia. GGV has provided capital and helped accelerate international business development for its worldwide portfolio of high-growth companies, particularly in the U.S. and China. GGV’s portfolio includes athenahealth (NASDAQ: ATHN), SuccessFactors (NASDAQ: SFSF), Alibaba.com (HKSE:1688), HiSoft, Tudou.com, Boston-Power, and Isilon Systems (NASDAQ: ISLN). Recent exits include AAC Acoustics (HKSE: 2018), Netli (acquired by Akamai), Sirna Therapeutics (acquired by Merck), Xfire (acquired by Viacom), and XenoPort (NASDAQ: XNPT). The total market value of GGV’s exits since the firm’s formation in 2000 exceeds US$8 billion. For more information, please visit www.ggvc.com. About Canopy Financial Canopy Financial provides innovative technology solutions that connect healthcare and financial services. Serving some of the world’s largest healthcare and financial institutions, Canopy powers the development and delivery of complete healthcare banking services for both consumers and businesses. Founded in 2004, Canopy maintains offices in San Francisco and Chicago. For more information, please visit our web site at www.canopyfi.com or call 1-866-960-4700. Contact:
Canopy Financial: ### Canopy Debuts Marketing Suite for Consumer-Driven Healthcare Market [12/4/2007]
SAN FRANCISCO and CHICAGO, December 4, 2007
–
Canopy Financial, the market leader in financial technology
solutions for consumer-driven healthcare, today launched its new Health Savings
Account (HSA) Marketing Suite. The new suite of services is designed to assist
Canopy’s client base of banking institutions, asset managers, and healthcare
companies in marketing to and educating consumers about the benefits of HSAs.
“Successful adoption of consumer-driven healthcare products requires education,” said Vik Kashyap, Chairman and Founder of Canopy Financial. “Our comprehensive, integrated marketing and account acquisition solutions will help ensure our clients’ success in launching and growing their account base.” Canopy’s new services include: • Marketing website that integrates with enrollment and account management platforms • Turnkey marketing and education materials designed to educate and sell to all constituents • Lead generation through a listing on HSAInsider.com, the industry’s leading HSA website • Total campaign management with end-to-end customized campaigns • Access to best practices in the evolving consumer-driven healthcare market Traci Roberts, who previously served as Marketing Manager for Health Savings Accounts at Kaiser Permanente, is leading the new initiative at Canopy. Prior to Kaiser, Roberts served in various marketing and product management roles at Charles Schwab & Company and in online marketing at Wells Fargo. “We are still in the early stages of consumer-driven healthcare” said Red Gillen, Senior Analyst at Celent. “The key to success for insurers and financial institutions hinges on continuous education—not only during the enrollment period, but throughout the entire plan year.” About Canopy Financial Canopy Financial provides innovative technology solutions that connect healthcare and financial services. Serving some of the world’s largest healthcare and financial institutions, Canopy powers the development and delivery of complete healthcare banking services for both consumers and businesses. Founded in 2004, Canopy maintains offices in San Francisco and Chicago. For more information, please visit our web site at www.canopyfi.com or call 1-866-960-4700. Contact:
Canopy Financial: ### Sovereign Bank Launches Canopy-Powered HSA Platform [10/23/2007]
BOSTON and SAN FRANCISCO, October 23, 2007 – Sovereign Bank today announced a
new Health Savings Account (HSA) program featuring multiple customer
enhancements. The new program is based on Canopy Financial’s Web-based
HealthDirect operating platform.
“Having been one of the first major banks to develop an HSA custodial program more than two years ago, we have had time to study what works and what doesn’t for the account holders, employers, brokers and insurers who choose Sovereign’s program,” said Eduardo Tobon, Senior Vice President, Director of Corporate Alliances and HSAs at Sovereign. “Canopy Financial’s HealthDirect platform not only gives us the best HSA solution now, it positions us to stay ahead by virtue of Canopy’s continued innovation in the Consumer-Directed Healthcare (CDH) industry.” Canopy Financial, the market leader in financial technology solutions for CDH, has been serving industry-leading financial institutions and health plans since 2004. “Canopy is pleased to be partnered with Sovereign Bank on the launch of their next-generation HSA capabilities,” said Jeremy Blackburn, President of Canopy Financial. “Sovereign’s thought leadership and commitment to improving the consumer experience positions it as a leader in the HSA market.” Sovereign’s new HSA program features an online enrollment facility that allows customers to open and set up funding for their HSAs in a single, online session. “Speed in account opening is particularly important at this time of year when many employers hold their annual benefits open enrollment,” said Tobon. He added, “having employees’ HSAs open and funded simultaneously with their health plan’s effective date gives them the full benefit of their HDHP/HSA program from day one.” Other new enhancements to Sovereign’s program made possible by the HealthDirect platform include the ability for account holders to invest in a variety of mutual funds, to make online account transfers and bill payments and to keep track of their healthcare spending more efficiently. Employers who choose Sovereign as custodian for their employees’ HSAs will also benefit from the new platform via a comprehensive, online HSA Management System that greatly simplifies tasks associated with HSA program administration including managing employee HSA enrollments and HSA contributions and payroll administration. Additional information on Sovereign’s HSA program is available at: Individual HSA Enrollments: www.sovereignbank.com/hsa HSA Employer Program: 1-877-SOV-HSA1 (768-4721) About Sovereign Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), is the parent company of Sovereign Bank, a financial institution with $87 billion in assets as of September 30, 2007 with principal markets in the Northeast United States. Sovereign Bank has 750 community banking offices, over 2,300 ATMs and approximately 12,000 team members. Sovereign offers a broad array of financial services and products including retail banking, business and corporate banking, cash management, capital markets, wealth management and insurance. Sovereign is the 18th largest banking institution in the United States. For more information on Sovereign Bank, call 1-877-SOV-BANK. About Canopy Financial Canopy Financial provides innovative technology solutions that connect healthcare and financial services. Serving some of the world’s largest healthcare and financial institutions, Canopy powers the development and delivery of complete healthcare banking services for both consumers and businesses. Founded in 2004, Canopy maintains offices in San Francisco and Chicago. For more information, please visit our web site at www.canopyfi.com or call 1-866-960-4700. Contacts:
Sovereign Bank: ### Canopy Financial Expands Solutions to Support All CDH Account Types [6/19/2007]
SAN FRANCISCO, June 19, 2007 – Canopy Financial, the market leader in financial
technology solutions for consumer-driven healthcare, announced today that it has
expanded its product capabilities to support all healthcare account types,
including Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs),
and Voluntary Employees' Benefits Associations (VEBAs).
The expanded set of products builds upon the success of Canopy’s award-winning HealthDirectSM platform, which today serves the world’s largest healthcare and financial institutions with account management, investments trading, card management, customer relationship management, and payment processing capabilities specifically for consumer-driven healthcare. Features such as multiple claims entry, automatic substantiation and payment, incentive reimbursement, account stacking, and crossover claim management from the health, dental, and PBM plans are included in Canopy’s expanded products and services. “Canopy has established leadership in the Health Savings Account market by building financial technologies that serve all constituents in the healthcare value chain, most importantly the consumer,” said Vik Kashyap, Chairman and Founder of Canopy Financial. “Extending the capabilities of our market-leading platform has allowed us to innovate new capabilities that simplify the complex business of healthcare while helping our clients exploit additional growth opportunities.” The FSA, HRA, and VEBA modules of HealthDirect will be commercially available on June 20, 2007. About Canopy Financial Canopy Financial provides innovative technology solutions that connect healthcare and financial services. Serving some of the world’s largest healthcare and financial institutions, Canopy powers the development and delivery of complete healthcare banking services for both consumers and businesses. Founded in 2004, Canopy maintains offices in San Francisco and Chicago. For more information, please visit our web site at www.canopyfi.com or call 1-866-960-4700. Contact: ### Fifth Third Processing Selects Canopy to Power Healthcare Banking Strategy [2/26/2007]
CHICAGO, February 26, 2007 – 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 HealthDirectSM 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 HealthDirectSM 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 provides innovative technology solutions that fuse healthcare and financial services. Serving some of the world’s largest healthcare and financial institutions, Canopy powers the development and delivery of complete healthcare banking services for both consumers and businesses. Founded in 2004, Canopy maintains offices in San Francisco and Chicago. For more information, please visit our web site at www.canopyfi.com or call 1-866-960-4700. Contact: ### HSA Insider Publishes New Version of HSA Road Rules [1/8/2007]
CHICAGO, January 8, 2007 – HSA Insider, a division of Canopy Financial and
online leader in Health Savings Account education and related services, today
announced the release of the fifth edition of HSA Road Rules, the most
widely-distributed reference guide on Health Savings Accounts. It is available
for download at
www.hsainsider.com.
The updated edition, designed for employees and employers, includes the new changes recently passed into law through the Tax Relief and Health Care Act of 2006. In addition to an expanded employer section, the fifth edition offers new guidance for eligibility requirements and contribution limits. Canopy Financial has incorporated the new regulations for 2007 into all of its products, including its award-winning HealthDirectSM technology platform for Health Savings Account management. Training materials, customer service and welcome kits have also been updated. Since its launch in 2004, HSA Road Rules has been downloaded by thousands of U.S. businesses, health insurers, financial institutions, and third party administrators – and has provided millions of healthcare consumers with clear, concise guidance on the evolving laws concerning Health Savings Accounts. About Canopy Financial Canopy Financial provides innovative technology solutions that fuse healthcare and financial services. Serving some of the world’s largest healthcare and financial institutions, Canopy powers the development and delivery of complete healthcare banking services for both consumers and businesses. Founded in 2004, Canopy maintains offices in San Francisco and Chicago. For more information, please visit our web site at www.canopyfi.com or call 1-866-960-4700. Contact: ### CashEdge Partners with Canopy to Offer World-Class Account Management Tools [11/6/2006]NEW YORK and CHICAGO, November 6, 2006 -- CashEdge, Inc. (www.cashedge.com), the pioneer behind opening and funding accounts online, and Canopy Financial, the leading provider of financial technologies that power consumer-driven healthcare, announced a strategic partnership today that provides financial institutions with the infrastructure needed to address the unique complexities associated with originating and managing healthcare related financial accounts. “CashEdge’s market-leading products play an important role in helping financial institutions automate account origination processes,” said Vik Kashyap, Chairman & Founder of Canopy Financial. “Through this partnership, financial institutions have the ability to extend their capabilities to profitably open, fund, and manage healthcare-related financial accounts entirely online.” “We are pleased to partner with Canopy Financial in this collaboration of healthcare and financial services technologies,” stated Sanjeev Dheer, chief executive officer of CashEdge. “As the market leader, CashEdge is always looking for opportunities to extend our reach and deliver our cutting-edge technology solutions to such exciting new markets as consumer-driven healthcare.” Canopy Financial processes a consumer-driven healthcare financial transaction every 14 seconds and CashEdge’s platform is currently used in more than 450 institutions including six of the top 10 banks and seven of the top 50 credit unions. About CashEdge CashEdge® provides innovative, online financial applications for banks, credit unions and wealth management firms. CashEdge’s solutions include end-to-end online account opening and funding, funds transfer and data consolidation. These proven solutions are flexible, scalable and supported by extensive risk management capabilities. With CashEdge, financial institutions are able to create compelling online offerings that attract customers, generate revenues and reduce costs. CashEdge serves more than 450 leading financial institutions, including such leading institutions as Bank of America, Citibank, and Royal Bank of Canada. CashEdge has offices in New York and Silicon Valley. For more information, please visit www.cashedge.com. About Canopy Financial Canopy Financial provides innovative technology solutions that fuse healthcare and financial services. Serving some of the world’s largest healthcare and financial institutions, Canopy powers the development and delivery of complete healthcare banking services for both consumers and businesses. Founded in 2004, Canopy maintains offices in San Francisco and Chicago. For more information, please visit our web site at www.canopyfi.com or call 1-866-960-4700. Contacts: Canopy Financial: ### Canopy and Subimo Launch Decision Support Tools for Financial Institutions [10/3/2006]CHICAGO, October 3, 2006 -- Subimo, a leader in web-based healthcare decision-support tools, and Canopy Financial, a leading provider of financial technologies that power consumer-driven healthcare products and services, announced today the launch of HealthAdvisor FISM, an innovative suite of decision-support tools and content for financial institutions. Integrated with HealthDirectSM, Canopy’s online Health Savings Account (HSA) and Health Expense Account (HEA) administration platform, and powered by Subimo’s award-winning Healthcare AdvisorSM suite, HealthAdvisor FISM allows financial institutions to offer a rich and relevant set of capabilities to help consumers easily research hospitals, doctors, treatment and drug cost options to make decisions that are best for themselves and their families. “The challenge for financial institutions is to determine the extent to which they want to support consumer choice and decision making as it relates to healthcare,” said Vik Kashyap, Chairman and Founder of Canopy Financial. “For example, as a consumer reviews their prior month spend report and notices a large percentage of their healthcare expenses are related to prescription medicines, they can now compare generic alternatives and model the impact those cost savings may have on their account – all online and in real-time at the consumer banking website. This is the kind of consumer experience this partnership fosters.” “Banks will play an increasingly important role in helping consumers make better healthcare decisions through leading tools and specialized content,” said Ann Mond Johnson, President of Subimo. “Canopy Financial has emerged as a leader in helping banks expand their offerings through financial technologies built specifically for the consumer-driven healthcare market. Within Canopy’s solution, Subimo’s Healthcare AdvisorSM suite and Coverage AdvisorSM products augment the entire consumer experience.” HealthAdvisor FISM also allows consumers to compare the costs and benefits of multiple health insurance plan offerings, as well as model the impact that contributions to a Health Savings Account (HSA) and an HSA Investment Account may have on long-term savings goals. In addition, HealthAdvisor FISM includes the industry’s most comprehensive knowledgebase of account basics and FAQs from Canopy Financial’s Health Savings Account portal, HSA Insider (www.hsainsider.com). About Subimo Headquartered in Chicago, IL, Subimo, LLC licenses an award-winning suite of decision tools, which provide a unique combination of data, content, personalized and interactive models, along with a variety of online wellness tools, so consumers can easily manage and track their personal health status, select insurance coverage, fund their tax-preferred accounts, determine costs for medical services, and select hospitals, drugs, and physicians. Everyone saves money when consumers have better information and can make better choices. Nearly 75 million Americans have access to Subimo's tools through their insurance company or employer. For more information, visit www.subimo.com or call 888-SUBIMO-1. About Canopy Financial Canopy Financial provides innovative technology solutions that fuse healthcare and financial services. Serving some of the world’s largest healthcare and financial institutions, Canopy powers the development and delivery of complete healthcare banking services for both consumers and businesses. Founded in 2004, Canopy maintains offices in San Francisco and Chicago. For more information, please visit our web site at www.canopyfi.com or call 1-866-960-4700. Contact: ### Canopy Financial Announces New Healthcare Bill Payment Solutions [08/15/2006]CHICAGO, August 15, 2006 -- Canopy Financial, a leading provider of financial technologies that power consumer-driven healthcare products and services for health insurers and financial institutions, today introduced HealthDirect Bill PaySM, an online bill payment gateway that provides consumers with online bill pay functionality. HealthDirect Bill PaySM integrates with the account management tools offered by payers and third party administrators to facilitate all provider and merchant remittance, both electronic and paper-based payments. “An increasing number of bill payments to hospitals, merchants, and other medical providers are being initiated by consumers from their health savings and other consumer-driven healthcare accounts,” said Vik Kashyap, Chairman and Founder of Canopy Financial. “HealthDirect Bill PaySM satisfies the need for a bill payment platform that can be seamlessly integrated with the HSA, HRA, and FSA administration solutions of payers and administrators.” With HealthDirect Bill PaySM, consumers may:
Clients using HealthDirect Bill PaySM improve the adoption of electronic remittance among providers and merchants resulting in shorter payment periods, a reduction in collection time for provider receivables, and a significant decrease in transaction processing expenses. HealthDirect Bill PaySM is a standard component of HealthDirectSM, Canopy’s online Health Savings Account (HSA) and Health Expense Account (HEA) administration platform. About Canopy Financial Canopy Financial provides innovative technology solutions that fuse healthcare and financial services. Serving some of the world’s largest healthcare and financial institutions, Canopy powers the development and delivery of complete healthcare banking services for both consumers and businesses. Founded in 2004, Canopy maintains offices in San Francisco and Chicago. For more information, please visit our web site at www.canopyfi.com or call 1-866-960-4700. Contact: ### Shawnee Administrative Services Selects HealthDirect for HSA Management [08/14/2006]CHICAGO, August 14, 2006 -- Shawnee Administrative Services, LLC, a leader in defined benefit and defined contribution plan administration, announced today that it has selected HealthDirectSM from Canopy Financial, a leading provider of financial technologies that power consumer-driven healthcare products and services for health insurers and financial institutions, to power an innovative suite of Health Savings Account (HSA) solutions. Shawnee Administrative Services, LLC has been a leader in Health Savings Account administration since 2004. Shawnee has chosen Canopy Financial’s HealthDirect to meet the needs of its customers. Shawnee will begin offering turnkey HSA administration and HSA investment services to employers, advisors, brokers, insurance carriers, and financial institutions on August 21, 2006. “After a careful evaluation of technology solutions that could support our HSA product vision, it was clear that Canopy Financial was beyond compare,” said Randy House, President of Shawnee Administrative Services, LLC. “In the process of designing a world-class suite of HSA administration services for our clients, we found a world-class financial management platform to power it all - HealthDirect.” “As a forward-thinking organization, Shawnee Administrative Services endeavors to offer a truly differentiated suite of HSA products and related services,” said Vik Kashyap, Chairman and Founder of Canopy Financial. “HealthDirect will allow Shawnee to enter this market quickly and profitably, while providing the foundation for future product and service enhancement.” Shawnee’s HSA solution includes multi-channel customer service, custodial and investment account record-keeping, eligibility verification, line of credit management, and expense substantiation. About Shawnee Administrative Services Shawnee Administrative Services, LLC is a leader in defined benefit and defined contribution plan administration. Serving several large client organizations, Shawnee’s solutions include Flex Spending, Health Reimbursement, Health Savings, and COBRA administration. For more information, please visit our web site at www.sas105.com or call 1-888-556-2900. About Canopy Financial Canopy Financial provides innovative technology solutions that fuse healthcare and financial services. Serving some of the world’s largest healthcare and financial institutions, Canopy powers the development and delivery of complete healthcare banking services for both consumers and businesses. Founded in 2004, Canopy maintains offices in San Francisco and Chicago. For more information, please visit our web site at www.canopyfi.com or call 1-866-960-4700. Contact: ### Canopy Financial Announces Credit Score for Healthcare Lending [07/11/2006]
CHICAGO, July 11, 2006 --
Canopy
Financial, a leading provider of financial technologies that power
consumer-driven healthcare products and services for financial institutions and
health insurers, introduced HealthScoreSM, a credit score used
specifically for predicting and managing the unique risks associated with
lending to consumers with high-deductible health plans.
HealthScoreSM uses the unique high-deductible health plan design information, together with the consumer credit score, to create a comprehensive risk profile that is the basis for a better lending decision. Factoring in deductible amounts, out-of-pocket maximums, and other plan profile information, HealthScoreSM calculates a three-digit score that can be used as a standalone risk indicator for healthcare lending, or may become an input to the existing credit policy of a financial institution. “Unlike traditional consumer credit scores, HealthScoreSM considers the new financial obligations high-deductible health plans create for consumers, which can have a profound impact on the risk profile of those households,” says Anthony Banas, Chief Technology Officer of Canopy Financial. “In addition to being significantly more predictive of risk in a healthcare lending context, HealthScoreSM can also be used to segment your member population to identify the households that would likely use a line of credit if it were in fact available to them.” HealthScoreSM can be up to 50% more predictive of risk over traditional consumer credit scores for lines of credit paired with Health Savings Accounts (HSA). Additionally, HealthScore is integrated with the enrollment process of HealthDirectSM, Canopy’s online Health Savings Account (HSA) and Health Expense Account (HEA) administration platform, resulting in real-time credit decisions and offers at the point of HSA origination. About Canopy Financial Canopy Financial provides innovative technology solutions that fuse healthcare and financial services. Serving some of the world’s largest healthcare and financial institutions, Canopy powers the development and delivery of complete healthcare banking services for both consumers and businesses. Founded in 2004, Canopy maintains offices in San Francisco and Chicago. For more information, please visit our web site at www.canopyfi.com or call 1-866-960-4700. Contact: ### For information on Canopy Financial's broad array of healthcare banking solutions, visit the Products portion of this site. |
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