The relationship will help Commerce Bank in its transformation to a more digital way of doing business, as the world continues to embrace digital technology in the wake of the pandemic.
HighRadius will serve the role of helping Commerce Bank modernize its accounts receivable (AR) and treasury operations, as many corporate clients need nowadays.
The two companies have already worked together for the past two years, the release noted, with the partnership growing last year with Electronic Invoice Presentment and Payment (EIPP) and Virtual Card Processing (VCP) tools. The agreement made all of HighRadius' products available for Commerce Bank clients.
Sayid Shabeer, chief product officer of HighRadius, said the company's artificial intelligence (AI)-driven suite "will streamline the receivables processes to be more effective and efficient for Commerce Bank clients," according to the release. “In this digital-first economy, AI is a critical component of their digital transformation.”
Todd Adler, senior vice president and director of Treasury Management Services at Commerce Bank, said the partnership would aid the bank to accommodate a quickly-changing world.
In January, HighRadius hit unicorn status, meaning the company is valued at over $1 billion. That came after a funding round in which it raised $125 million from investors led by ICONIQ Capital. That money, the company said, will go toward geographic expansion and platform enhancements.
In addition, HighRadius introduced the new RadiusOne A/R Suite in May to boost automation of AR practices. The technology purports to offer a quicker way to get work done, with businesses able to plug in enterprise resource planning (ERP) and AR processes and connect with users all over the globe.
HighRadius also offers services for cash reconciliation, eInvoicing and collections to help those in underserved markets.