Commerce Bank is rolling out Commerce Connections Direct, which will add embedded banking in ERP systems to automate payments and financial information, a press release said.
The platform will be made in partnership with FISPAN, a North America-based fintech.
The new platform will add an “enhanced” banking and treasury experience, with streamlined capabilities like “account reconciliation, payment initiation, remittance advice and more.” It will work with platforms like QuickBooks Online and Sage Intacct.
“We’re proud to be one of the early banks providing this solution,” said Todd Adler, senior vice president, Director of Treasury Management for Commerce Bank. “Companies have made significant investment in their ERPs; integrating their banking and payments into those systems and increased automation allows our customers to more comprehensively leverage those investments. We selected FISPAN for this endeavor because of our shared commitment to evolving to meet future needs and providing exceptional client experiences.”
Clayton Weir, FISPAN CEO, said the goal was to provide customers with “an enhanced embedded banking experience directly within their ERP platforms” which he said was important to evolve as a digital bank.
Angela Finn, senior vice president and group product manager of debit and prepaid card products with Commerce Bank, spoke with PYMNTS early this year about the ways the credit card industry is evolving with the mass-digitization of the past few years.
Read more: Commerce Bank on the Changing Face of Contactless Debit
She said it’s rare that trends that “product clear efficiency” reverse themselves, but the bank is reportedly prepared for whatever comes.
That came as the 2021 holiday season saw a good amount of credit card use, but at the same time, health and economic factors could see contactless options evolving further.
“I think consumer spending behavior will be fluid for some time,” she said. “If the supply chain challenges and labor shortages persist, both merchants and consumers will continue to flex their solutions and behavior accordingly, and the impact of the COVID-19 variants on public health and safety will drive that to a large extent.”
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