Commerce Bank delivers faster payouts, one use case at a time

The new system was a fantastic success. In less than a minute, I received an email containing my confirmation info and receipt. I immediately logged in to my online banking and the money was already there!

— Leslie A., Insurance policyholder

Challenge: Reduce checks, lower costs and meet customer demand

Commerce Bank distinguishes itself through innovative product offerings and a clear-eyed focus on the customer. So when they began hearing, at trade shows, in sales calls and through an industry advisory council, that insurers needed ways to speed payouts to their customers, Commerce knew they needed to act quickly to offer a solution.

Traditional payout options lacked the simplicity, ease of adoption and speed found in many aspects of today’s businesses. Insurers were looking for a solution that wouldn’t involve creating a new account, reconciling check payments and asking the customer to wait a few days.

Solution: Real-time⁴ funds when users need them

As Commerce Bank discussed its needs with Visa, a push-to-debit system enabled by Visa Direct really started to make sense. By creating a standalone, push-to-card payout option, Commerce Bank could enable merchant clients and non-clients alike to deposit funds to a customer’s bank account using their existing debit card in real time.⁴

"As the insurance industry moves to a more customer-centric model, our platform — coupled with Visa Direct — enables our insurance customers the ability to provide faster, more secure payments,” says Jeff Schultz of Commerce Bank. “By providing straight-through process in claims, we improve the overall customer experience.”

Result: A win for everyone — bank, payers and payees

Adding a push-to-card payout option means less hassle, lower costs and happier customers. Insurers can now use Commerce Bank’s standalone system to offer quick payouts to customers in immediate need, including homeowners displaced by natural disasters, drivers waiting on collision-damage reimbursements, and insurance policyholders seeking refunds on a variety of other claims.

Eliminating the wait for payouts, when considered along with innovations like photo estimating for car insurance claims, means greater operational efficiency and lower costs for insurers. Fewer days of replacement vehicle rentals add up to big savings, especially when an insurer is paying out millions of total loss auto claims over the course of a year.