Lively and Visa partner on debit processing HSA

Register now

Accessing HSA dollars will be as simple as using a debit card, thanks to a partnership between Visa and Lively — a San Francisco-based digital HSA company.

“Lively is the first HSA to be processed into Visa’s processing platforms, which will give consumers real time information on their HSA balance when they need it the most,” says Shobin Uralil, COO and co-founder of Lively.

Lively is best known for creating HSA accounts that can be maintained without employer-sponsored health plans; consumers don’t have to worry about transferring funds after switching jobs. But the HSA company also works directly with employers to provide their services to the workforce. They hope the recent partnership with Visa — and their large network — will be attractive to employers looking to provide health and retirement benefits.

“Visa will help us deliver access to more capabilities for our customers to leverage their HSA and make instant HSA spending decisions,” says Alex Cyriac, CEO and co-founder of Lively.

The makers of Lively pride themselves on creating a completely digital HSA experience, but they saw an opportunity to improve the HSA itself by collaborating with Visa.

“People are accessing bank accounts from their phones more than ever before, but the HSA has not kept up to pace with other financial services products,” Uralil says. “We’re bringing the fin tech community into the HSA world.”

Lively’s HSA platform will be integrated into Visa’s debit processing platform; users will be able to check their HSA balances through an app — just like their bank accounts. The app goes a step further by sending users notifications when it detects a problem, such as insufficient funds or fraudulent activity. The app is immediately available for both iPhone and Android users.

“We’ll be able to notify you of a transaction that may not go through as you’re making the transaction,” Uralil says. “You’ll be able to pull up the app and rectify the situation at that moment in time; it’s all possible because of Visa’s debit processing platform.”

Uralil says Lively partnered with Visa because “they’re proactive with anti-fraud monitoring.” Through the partnership, Lively customers will have access to Visa’s purchase protections and ID theft protection benefits, just like with Visa’s regular debit cards.

Rather than traditional swipe cards, the new debit cards being issued by Lively and Visa will be chip cards for extra security, Uralil says. This week, Lively will start rolling out its new Visa cards to new customers. Lively will start integrating existing accounts into the new system at the beginning of next year, Uralil says.

Going forward, Lively hopes to make its services even more accessible by making its new Visa platform available on consumers’ personal banking apps for an integrated experience. The idea is still conceptual, and Lively doesn’t currently possess the software for the added service.

For reprint and licensing requests for this article, click here.
HSAs HR Technology Employee communications Employee engagement Visa