POS Solutions, POS Retail

InComm Payments Acquires Zenda, Developer of AI-Powered HSA and FSA Solutions for Employee Benefit Programs

InComm Payments Acquires Zenda, Developer of AI-Powered

InComm Payments, a leading payments technology company, today announced its acquisition of Zenda, a developer of employee health and benefits solutions known for its innovative health savings account (HSA) and flexible spending account (FSA) platform. Strengthening InComm Payments' position as a leader in the healthcare payments industry, the acquisition marks the company's first expansion into the employer health benefits category with unique HSA and FSA solutions that leverage artificial intelligence (AI) to automate Internal Revenue Service (IRS) rules and streamline account management.

"Zenda stands out for their commitment to simplifying HSAs and FSAs for both businesses and their employees," said Brian Parlotto, Executive Vice President at InComm Payments. "This closely aligns with the mission of our InComm Healthcare business unit, which streamlines supplemental benefits management for health plans and their members. Together, we look forward to helping more people better manage their health expenses and livelihoods."

Zenda's self-driving HSA and FSA solutions automate tasks such as expense-tracking and record-keeping to maximize value for employees, whether they use an account for spending or investing. Through Zenda's native mobile apps or web portal, account holders can access automatically generated receipts as well as guidance on making contributions and withdrawals. Finally, Zenda provides built-in expert tax-saving strategies that help users avoid missing tax deductions, which ultimately leads to higher tax savings and satisfaction.

"Companies tell us that employees underutilize their HSA benefits because they are too complicated to properly manage despite education," said Waqar Hasan, Co-Founder and CEO of Zenda. "We make it easy for companies and employees to save more money by offering a much-needed alternative to legacy products that dominate the market today. We are excited to join the InComm Payments team and bring our self-driving HSA and FSA platform to more businesses and families across the country."

Zenda's use of automation extends to a unified debit card, which is connected to an HSA or FSA account plus an everyday checking account. As employees make payments with the card, Zenda's platform automatically detects and routes medical expenses to the HSA or FSA, while non-eligible purchases are charged to the everyday account. This ensures employees do not miss eligible transactions, making it easier for them to manage their health and budget.

The HSA and FSA solutions strengthen the healthcare payments and technology solutions offered by InComm Payments and its InComm Healthcare business unit, such as the Dual Network Benefit Card™, which gives Medicare and Medicaid health plans the ability to easily add more than one supplemental benefit, reward or healthy foods program to a single member card. The product enables cardholders to use employer or health plan-sponsored funds to purchase eligible products at more than 66,000 retail locations participating in the company's over-the-counter (OTC) Network®.

About InComm Payments

InComm Payments is an innovative global payments technology provider. Leveraging dynamic technology and proven expertise, InComm Payments delivers enhanced end-to-end payment platforms and emerging financial technology solutions through a single integration, helping businesses grow across a wide range of industries including retail, healthcare, tolling & transit, incentives, mobile payments, digital currencies and financial services. By enabling omnichannel connections and alternative payment options to an ever-expanding consumer base in an increasingly digital ecosystem, InComm Payments creates seamless and valuable commerce experiences across the globe. With three decades of experience, over 525,000 points of retail and online distribution, 412 global patents and a presence in more than 40 countries, InComm Payments leads the payments industry from its headquarters in Atlanta, Ga.

About Zenda

Zenda has introduced the industry's first self-driving health spending account platform, designed from the ground up to improve employee experience, put more money in employees' pockets and make program administration easy. Zenda's platform features unique capabilities such as automatically finding missed expenses, automated true up of contributions and optimized tax savings focused on HSA investors. Zenda's proprietary technology encompasses a core platform, web and mobile employee applications, and a smart debit card. Zenda is based in Palo Alto, CA.

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