KANSAS CITY, Mo.--(BUSINESS WIRE)--Commerce Bank announced today it has worked with Progressive to implement CommercePayments™ PreferPay™ for claims payments. The relationship is the result of a truly strategic collaboration whereby Commerce’s product team worked with Progressive stakeholders to build a solution uniquely positioned to provide fast, convenient reimbursement options to customers.
CommercePayments™ PreferPay™ provides customers, claimants and service providers with multiple claims payment options including ACH, check, or direct-to-debit card via Visa Direct. With the Visa Direct functionality, customers can now receive an insurance claim payout to their eligible debit and prepaid card, in real time1.
“We’re excited to offer our customers more options for faster claim payments,” said Cory Freier, Business Systems Manager at Progressive. “Whether the payment helps with repairs or much-needed medical treatment, a quick, convenient claims payment is a critical step in helping our customers get back to their routine as soon as possible.”
“PreferPay™ for Claims Payments is a reflection of Commerce Bank’s commitment to being a collaborative financial partner to our customers and solving real challenges,” said Jeff Burik, Executive Vice President, Director of Commercial Payments at Commerce Bank. “Through our work with Progressive, we’re able to bring a truly innovative solution to the marketplace that meets the needs of all insureds – offering payments, the way the Progressive customer wants.”
Commerce’s solution offers faster payment methods, while leveraging the knowledge of a financial organization to facilitate the payment.
“When handling claims payments, maintaining high standards, reducing cycle time and improving customer satisfaction are essential. Commerce’s solution brings value for both Progressive and their customers through this automated, easy-to-use technology,” says Lenny Richileau, Vice President, Insurance Industry Consultant at Commerce Bank.
“The speed and ease at which customers receive their insurance disbursements can have a significant impact on their lives and finances,” said Gaurav Gollerkeri, head of Visa Direct, North America. “By implementing Visa Direct into its service offerings, Commerce Bank and Progressive are now able to provide real-time claims payouts to their customers, making the days of waiting to receive checks in the mail a thing of the past.”
About Commerce Bancshares, Inc.
With $26.1 billion in assets2, Commerce Bancshares, Inc. (NASDAQ: CBSH) is a registered bank holding company offering a full line of banking services, including payment solutions, investment management and securities brokerage. Commerce Bank, a subsidiary of Commerce Bancshares, Inc., leverages more than 150 years of proven strength and experience to help individuals and businesses solve financial challenges. In addition to offering payment solutions across the U.S., the Company currently operates banking facilities in nine key markets including St. Louis, Kansas City, Springfield, Central Missouri, Central Illinois, Wichita, Tulsa, Oklahoma City and Denver. Commerce Bank also maintains commercial offices in Dallas, Houston, Cincinnati, Nashville, Des Moines, Indianapolis, and Grand Rapids. Commerce delivers high-touch service and sophisticated financial solutions at regional branches, commercial offices, ATMs, online, mobile and through a 24/7 customer service line. Learn more at www.commercebank.com.
1 Actual fund availability depends on receiving financial institution and region.
2 As of December 31, 2019