DataPath Launches ProsperityHSA

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May 01, 2024, 08:01 ET

LITTLE ROCK, Ark., May 1, 2024 /PRNewswire/ -- DataPath Financial Services, Inc. has announced the launch of ProsperityHSA (prosperityhsa.com), a program designed to create new revenue and growth opportunities in the HSA market for banking institutions, third-party employee benefit administrators (TPAs), and insurance brokers.

Building on DataPath's recent designation as an approved non-bank HSA custodian and its two decades of success in creating HSA administration technology and services, ProsperityHSA is poised to disrupt the industry's usual HSA administration offerings.

John Robbins, Jr., President and CEO of DataPath, explains, "ProsperityHSA uniquely combines expertise, business partnerships, proven products, and experienced services to help banks, TPAs, and brokers not only capitalize on existing market opportunities but also create new ones."

For banking institutions, ProsperityHSA delivers a white-label, turnkey HSA program that enables banks to attract and retain HSA deposits easily, eliminating the need for in-house account administration, customer support, and compliance teams.

For TPAs, ProsperityHSA offers a robust, user-friendly platform that serves third-party administrators, their associated employer groups, and individual account owners. By forming strategic partnerships with ProsperityHSA banks, TPAs can gain new business by offering customer support for the HSAs of the banks' corporate clients, along with a range of other administrative services such as FSAs, HRAs, and COBRA.

Insurance brokers, by aligning with ProsperityHSA and their banking partners, can seamlessly integrate HSAs into their benefits offerings, increasing client satisfaction and retention. ProsperityHSA provides a powerful, proven technology solution along with related services to ensure a first-rate experience for brokers and their clients, helping their banking partners maintain and grow HSA deposits.

Robbins adds, "By the end of 2026, the HSA market is expected to exceed 44 million accounts, holding over $168.3 billion in assets. ProsperityHSA clients will be able to leverage our compliance, technology, and management capabilities to gain their share of this growing, lucrative market."

About DataPath

DataPath Financial Services, a wholly-owned subsidiary of DataPath, Inc., is an approved HSA non-bank custodian. The company, which created its first HSA administrative solution in 2004, is among the most experienced HSA management companies in the benefits market.

SOURCE DataPath, Inc.