NEW YORK, Nov. 17, 2016 /PRNewswire/ -- BNY Mellon, a global leader in investment
management and investment services, announced the launch of its automated medical claims payment platform for its property and
casualty insurance clients. Payments will be generated through electronic funds transfer, virtual payment card or paper check,
with the potential of significantly reducing paper-based payments.
The new system uses technology from Jopari Solutions Inc., a healthcare technology company, that has been integrated into BNY
Mellon's Treasury Services payments platform and is compatible with medical claim processing systems widely used in the
healthcare industry. This technology identifies the preferred method of transaction by health care providers, a feature that
helps expedite and automate claim payments.
"Health care providers are driving the growth for modern payments systems," said Anthony F.
Brady, head of global product management for BNY Mellon's Treasury Services business. "They are looking for efficient
systems that reduce costs and payment times and are compatible with regulations governing property and casualty and worker's
compensation businesses and medical claim payments. This fully automated system is now integrated with our global payments
platform to deliver standardized property, casualty and workers' compensation payments."
"We expect the automated payments platform that BNY Mellon and Jopari are introducing will integrate seamlessly with payers'
existing accounts payable processing workflows, while conforming to individual state medical reimbursement regulatory
frameworks," said J.R. "Steve" Stevens, chairman and chief executive officer of Jopari. "Both firms are committed to deploying
this state-of-the-art medical claim payments platform that the property and casualty industry sorely needs to stay competitive
into the future."
With locations on six continents and an extensive network of correspondent financial institutions, BNY Mellon's Treasury
Services group delivers high-quality performance in global payments, trade services and cash management. It helps clients
optimize cash flow, manage liquidity and make payments more efficiently around the world in more than 100 countries. Processing
payment transactions in over 120 currencies, the company is a top-five participant in both the CHIPS and overall funds transfer
markets. The company is also a recognized leader in the delivery of private-label treasury services solutions for banks and
other large institutional clients.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets
throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors,
BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of
September 30, 2016, BNY Mellon had $30.5 trillion in assets under
custody and/or administration, and $1.72 trillion in assets under management. BNY Mellon can act as
a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY
Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on
www.bnymellon.com. Follow us on Twitter @BNYMellon or
visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
Jopari Solutions, Inc. is a healthcare information technology company supplying innovative healthcare Attachment management
and flexible medical payments products; and integrated eBill compliance and flexible medical payments for Workers' Compensation
and Auto Medical markets. Jopari has established an extensive connectivity network linking Payers, Providers, practice management
systems and clearinghouses, and offers innovative solutions to assist with the management of attachments. Jopari enhances Payers'
ability to manage medical bills and disbursements, allowing reductions in associated expenses in addition to compliance with
applicable federal rules and jurisdiction eBill/ePay regulatory requirements. Jopari maintains best practice SSAE 16 Type II
attested internal controls. For more information visit www.jopari.com or email us at info@jopari.com or call
800.630.6030 x5700.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bny-mellon-launches-automated-medical-claims-payment-platform-for-property-and-casualty-industry-capable-of-reducing-paper-based-payments-significantly-300365047.html
SOURCE BNY Mellon