VISA

Commerce Bank, Progressive and Visa Team On Real-Time Insurance Payouts

Commerce Bank, Progressive Insurance Visa

Commerce Bank will strive to provide timely and convenient payments with its new partnership with Progressive Insurance in what they tout as a "truly strategic combination."

According to an emailed press release, the new program will be called CommercePayments PreferPay. It will focus on providing customers, claimants and service providers with numerous options on how to pay, including ACH, check, or direct-to-debit card via Visa Direct.

Commerce Bank states that, with Visa Direct functionality, customers can receive payments back in real time for insurance claim payouts, which will go right to their debit cards. This is in contrast to some current modes of payment, which can take up to 10 days to receive even for things like auto accidents or natural disasters.

Cory Freier, business systems manager at Progressive, was excited to introduce the system for a variety of needs including medical payments, repairs or anything else in-between. The press release states that partnering with financial institutions will make sure that the payments are handled in an efficient and timely manner.

Commerce Bank is not new to partnering with other entities for innovative solutions. Last year, they announced a partnership with procurements and accounts payable solution provider Corcentric to implement a new reseller agreement.

Under that agreement, the bank will manage the sales, accounts and operations for Cor360, and for it to be used as a white-label platform for Commerce users. The program is intended to meet the needs of burgeoning businesses as they continue to grow.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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