Capital One focuses on treasury management and healthcare with blockchain builder Gem

Financial conglomerate Capital One is enhancing its Treasury Management Platform and focusing on healthcare applications by partnering with a host of digital technology providers, including blockchain specialists Gem.

These new capabilities include a state-of-the-art claims management solution for healthcare clients, as well as natural language search capabilities for the bank's Intellix Mobile application, part of Capital One's digital treasury management platform.

Gem is reconceptualising the claims management process for healthcare clients through a scalable revenue cycle management network. Blockchain technology connects the ecosystem to universal infrastructure, and shared infrastructure allows global standards that do not compromise privacy and security, said a statement.

Patrick Moore, executive vice president and head of Capital One's Treasury Management's Product Management group, said: "We're seeing unprecedented transformation in the payments space, as rapid advances in digital technology are re-imagining the client experience. At Capital One we see the new network models and data analytics capabilities as an exciting opportunity to reinvent treasury management to better meet the needs of clients, not only increasing payment efficiency but also generating actionable information about their business."

Capital One will leverage analytics developed in concert with healthcare e-commerce API provider Pokitdok that estimates the out of pocket expenses for which a patient will be responsible. The result is a dramatically more efficient claims management process that eliminates the traditional claims clearing house and reconciliation layers and lowers administrative costs, compresses cash flow cycles, and reduces revenue loss.

Capital One's other technology partners include Viewpost, a secure B2B network for invoicing, payments and real-time cash management. Capital One Treasury Management clients can connect with any trading partner and exchange electronic invoices and payments with ease and visibility, enabling them to track the status of transactions and use a built-in dynamic discounting tool to access or deploy working capital on demand.

Capital One is also integrating natural language search capabilities into its Intellix Mobile app. Developed by ClearGraph, they include semantic and context aware search, auto complete as well as advanced filtering. The ClearGraph partnership will drive enhanced analytics capabilities to the Intellix platform, said the release.

Capital One said it expects these new product solutions to launch in early 2017.