PROVIDENCE – Webster Bank has been awarded a five-year contract to handle collections for Health Source RI, the state’s new health care exchange, according Pat Paola, Webster Bank vice president and senior relationship manager for the state of Rhode Island, who is based in Providence.
“We do all the collections for the payments. We do the ACH for people who make electronic payments online and we process check payments from individuals and corporations,” said Paola.
“It’s going very well, so far. They’re all set up. They’ve already gotten payments online through the lockbox and ACH. They don’t have huge balances yet, but nobody really has to pay until Jan. 1,” said Paola.
Waterbury, Conn.-based Webster Bank is growing its Rhode Island business, said Webster Bank Senior Vice President and Director of Government and Institutional Banking Jay Ryan, who is also based in Providence.
“The contract with the health exchange expands our relationship with the state of Rhode Island,” said Ryan. “We got our first contract with the state Division of Taxation in 2010 and we got a contract the Department of Motor Vehicles 2012. I think the state has been happy with our service.”
“Webster didn’t exist in Rhode Island in the government market prior to 2007 and we have been investing in people and products in Rhode Island since then,” said Ryan. “I live in Rhode Island. Pat lives in Rhode Island. We’re accessible.
“The other important factor in getting these contracts is that our people in government banking have an average of 15 years of experience in that sector,” said Ryan.