The Bank of New York Selected by Humana
Industry-leading decisioning capabilities demonstrate technology and service leadershipNEW YORK, January 4, 2006 - The Bank of New York, a global leader in treasury management services, today announced that Humana Inc. (NYSE: HUM) selected it to provide optical character recognition (OCR) lockbox services to process and image some of their customer premiums for the new Medicare prescription drug plan. The Bank of New York’s OCR lockbox services use cutting-edge imaging and high-speed item processing technologies to accelerate collection, posting, and reporting of consumer remittances received by mail.
The Bank’s OCR services provide clients with state-of-the-art capabilities to review and take action on transactions that are rejected during processing because of differences between the submitted item and the customer’s pre-established business rules or processing criteria. This leading technology allows clients to add missing remittance data and to change information on-line, permitting premiums to be posted, settled and reconciled in one day.
Walter B. Stark, assistant treasurer of Humana, said, "We chose The Bank of New York for this very important service because of its leading technology that provides on-line decision-making capabilities. Our Medicare customers will be served more efficiently because of the Bank’s ability to handle premium payments on the same day they are received."
Eric Kamback, executive vice president and head of global payment services at The Bank of New York, said, "The Bank of New York’s long-term investment in technology such as Internet-based services allows us to provide a superior quality, value-added processing platform that features a suite of solutions for our clients. The option we provided Humana enables them to reconcile their items in a timely manner."
Humana Inc., headquartered in Louisville, Kentucky, is one of the nation’s largest publicly traded health benefits companies, with approximately 7 million medical members. Humana offers a diversified portfolio of health insurance products and related services - through traditional and consumer-choice plans – to employer groups, government-sponsored plans, and individuals. Over its 44-year history, Humana has consistently seized opportunities to meet changing customer needs. Today, the company is a leader in consumer engagement, providing guidance that leads to lower costs and a better health plan experience throughout its diversified customer portfolio. More information can be found online at www.humana.com.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, investment management, and individual & regional banking services. The Company’s extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.
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