Business
Commerce Bank and Copart Announce Revolutionary Digitized System to Speed Up Insurance Industry’s Salvage Settlement Process
KANSAS CITY, Mo.--(BUSINESS WIRE)-- Commerce Bank and Copart, Inc. (NASDAQ:CPRT), a global online vehicle auction company, announced today the implementation
About this update from Commerce Bancshares, Inc.
[{"type":"text","content":" KANSAS CITY, Mo.--(BUSINESS WIRE)--\nCommerce Bank and Copart, Inc. (NASDAQ:CPRT), a global online vehicle auction company, announced today the implementation of a revolutionary payment system designed to significantly speed up the time to complete a salvage total loss settlement in the insurance industry.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211109006102/en/\nTraditionally, the long-accepted insurance industry standard for completing the titling paperwork, making multiple phone calls, gathering a letter of guarantee and mailing a settlement check to the customer has been, on average, 30 days.\n\nCommerce and Copart have developed a solution to complete those steps in a fraction of the time for Copart’s transactions using CommercePayments® PreferPay® and have now shortened that 30-day cycle to only five days. This solution automates time-consuming manual processes and expedites the payment process, providing consumers faster access to their funds without increasing the burden on the paying companies.\n\n“We’re thrilled to be able to bring this innovative solution to Copart and to the insurance industry,” said Roger Williams, senior vice president and director in Commercial Payments with Commerce Bank. “Our commitment is to be a collaborative financial partner to our customers and to use innovation to solve real business challenges.”\n\nThe COVID-19 pandemic and related business closures, shifts to remote working and significant shipping delays further exposed the need for a streamlined, touchless payments option. Through the Commerce-Copart relationship, an estimated 1.5 million payments from Copart transactions will be processed each year through CommercePayments® PreferPay®.\n\nFor more information, visit www.commercebank.com/preferpay and www.copart.com.\n\nAbout Commerce Bank\n\nWith $34.5 billion in assets1, Commerce Bancshares, Inc. (NASDAQ: CBSH) is a registered bank holding company offering a full line of banking services, including payment solutions, investment management and securities brokerage. Commerce Bank, a subsidiary of Commerce Bancshares, Inc., leverages more than 150 years of proven strength and experience to help individuals and businesses solve financial challenges. In addition to offering payment solutions across the U.S., Commerce B...