Commerce Bank is joining Visa’s Syncada network to offer its customers a more efficient accounts payable (A/P) and accounts receivable (A/R) process with transparency, increased flexibility and greater control. The bank will provide the network to help customers replace outdated paper-based, business-to-business (B2B) processes with automated invoice processing and payment using Syncada, an integrated, fully electronic financial supply chain platform.
The Syncada network specialises in processing invoices, making payments, and facilitating the financing of A/P or A/R through a network of financial institutions. It removes the paper from invoicing and payment processes by converting invoices into electronic data and routing those invoices through an electronic workflow.
“Commerce is dedicated to offering innovative products and services to meet the specific needs of our customers,” said Jeff Burik, executive vice president (EVP) at Commerce Bank. “As businesses move from paper to electronic processing and payments, we are well-positioned to help our commercial clients automate their processes with Syncada.”