Banking

Commerce Bank To Offer Corcentric's AP Workflow Solution

Procurements and accounts payable solution provider Corcentric announced that it has entered a reseller agreement with Commerce Bank to allow its Cor360 solution to be used as a white-labeled platform to Commerce customers.

“Corcentric brings a solution to Commerce customers that meets the needs of growing businesses as their processing requirements become more complex,” said Matt Clark, president and COO of Corcentric, in a press release. “Where we really connected, however, was the alignment of our company culture. Both Corcentric and Commerce operate on a foundation of providing quality customer care that delivers a competitive advantage and helps support growth.”

As part of the agreement, which is effective immediately, Commerce Bank will manage the sales, implementation, and ongoing account management and support of the solution, which will be introduced in phases.

“Corcentric and Commerce share common values and the mission to deliver robust solutions that allow customers to focus on their core business and spend less time on inefficient processes,” added Roger Williams, director of Commercial Card at Commerce Bank. “This agreement brings best-in-class AP workflow solutions to Commerce Bank’s commercial customer base, enhancing our existing AP payment offerings.”

Earlier this year, Corcentric revealed that it was buying source-to-pay company Determine in a deal worth about $32 million. Determine links businesses to cloud-based spend management and analysis tools, including supplier and contract performance analysis.

“The acquisition of Determine is both synergistic and transformative for Corcentric,” Clark said at the time. “We’ve followed the Determine Cloud Platform development for some time and are excited by the prospect of adding its robust capabilities, along with the collective Determine team’s business experience, to the Corcentric family. We believe blending Determine with Corcentric gives the newly-combined company an opportunity to deliver more value to our customers and prospects, and it increases our global market footprint so we will have the opportunity [to] serve an expanded base.”

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