A major payment card issuer wants to set up a card program that employees can use to pay daycare bills as well as medical bills.[@@]
Discover Financial Services L.L.C., Riverwoods, Ill., a unit of Morgan Stanley & Company Inc., New York, says Exante Bank Inc., Salt Lake City, Utah, will be issuing financial health account cards that will tie into the Discover Network.
Exante Bank is a unit of UnitedHealth Group Inc., Minnetonka, Minn., that manages funds for flexible spending accounts, health reimbursement arrangements, health savings accounts, dependent care accounts and other personal benefit accounts.
Discover and Exante will start by making special Discover benefit account payment cards available to Morgan Stanley’s own employees, Discover says.
Initially, the Morgan Stanley employees will be able to use the cards only to pay FSA health and dependent care expenses, Discover says.
“Both Discover and Exante anticipate expanding card access to the Discover Network to a broader group of consumers and across multiple types of accounts,” Discover says.