myFlexSpend will help companies deliver a holistic health and wealth experience to their employees.
Dallas, TX, OneSource Virtual – February 21, 2023 – OneSource Virtual (OSV) a leading provider of HR and Finance outsourcing services, solutions, and products, announced today the general availability of a new solution for customers on Workday Payroll and Workday Benefits—myFlexSpend.
myFlexSpend empowers businesses to consolidate multiple consumer-directed tax-advantaged accounts—such as HSAs, FSAs, and commuter benefits—under a single partner to give employees a holistic health and wealth experience, without the need for costly integrations or APIs, and all within Workday. The solution will be accompanied by the myFlexSpend app and/or online portal, which will provide users with a single point of access for managing all their benefit accounts in one place.
“Financial wellness benefits have never been more important for employees, and by extension, for employers,” said Trey Campbell, CEO of OSV. “But traditionally, managing different tax-advantaged accounts has always meant managing different platforms—and that’s inconvenient for everyone. Employees at all levels want a frictionless experience when it comes to managing their wealth. And today, we’re excited to announce that we have what businesses need to make that experience better for their people.”
OSV launched its early adopter program for myFlexSpend at the start of 2023 with five existing customers, and the solution has already been adopted by nearly a third of all eligible employees within those groups.
Tax-advantaged accounts save consumers an average of 30% in state and federal taxes and represent a 7.65% FICA savings for employers. And in a recent survey conducted by OSV, 77% of employees identified tax advantage accounts as an important benefit.
“With the rollout of this new product, we’re making it easier for businesses to offer the best-in-class-tax advantaged account solutions their employees want,” said Sajjad Khan, SVP of Product Management for OSV. “Partnering with us removes a range of obstacles from their path, like intrusive integrations, payroll complications, or just the hassle of having too many systems or partners. By giving employees a single app and a single card for their accounts, businesses are equipped with a powerful retention tool that demonstrates both near and long-term support for employees.”