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Customer Spotlight: Alegeus
Alegeus is a leading provider in the health benefits management sector. They work with Modern Treasury to streamline their complex reconciliation processes.
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Alegeus offers technology platforms and services that enable employers, healthcare providers, and financial institutions to manage and optimize Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs), and other tax-advantaged benefit accounts. The nature of these accounts, each with their own operating rules and requirements, requires meticulous coordination and reconciliation to track transactions across each entity.
In general, reconciliation—known familiarly to many as simply “recon”—is challenging at scale. The massive number of transactions increases the risk of errors and inconsistencies, while the presence of multiple systems, manual processes, and complication operations can add layers of complexity.
Alegeus’ funds flow, in particular, is complex, due to high transaction volumes and operations across multiple banks and with hundreds of bank accounts. It’s imperative that customer account balances are accurate and that transactions are trackable and correctly reconciled, as access to medical funds for Alegeus’ customers is paramount.
As Bill Reboul, SVP, Banking and Payments puts it, “Recon[ciliation] for us is really an existential thing. If you think about what we do, we sit in the nexus of making sure that individuals who are going to the pharmacy and swipe their payment cards that those transactions happen and that we can reconcile it all the way through.”
They came to Modern Treasury looking for a solution to help make their reconciliation process more streamlined and manageable. Alegeus already had a good grasp of how money moves through their service and what the transaction process looks like for their customers, and they were able to bring that knowledge to the Modern Treasury team when researching potential solutions for reconciliation.
As Reboul says, “If you just implement [technology by itself, it] is like trading a shovel for a backhoe. You’ll get your hole dug a lot faster, you just need to put it in the right place. We spent a lot of time understanding the process of how money moves in our world. And going client by client and mapping that all out.”
Partnering with Modern Treasury and using our reconciliation product, powered by our RISE engine, allowed them to streamline their workflows around reconciliation and eliminate the need for a manual, batch-based reconciliation process.
When discussing why the team at Alegeus chose Modern Treasury, Dan Brames, Chief Payments Officer noted, “Modern Treasury has been a true thought partner, helping us leverage best practices to accelerate the launch of our new reconciliation platform. Automating reconciliation across our business will drive efficiency and unlock new opportunities for growth.”
We're still in the proverbial early innings with Alegeus, but we're excited to work alongside them as they innovate in one of society's most important sectors. We look forward to continuing to see all the good they do for their customers as they implement these transformative processes.
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