Austin, Texas, November 30, 2004 -- Works, Inc., a leading provider of commercial credit card optimization solutions, today announced that Commerce Bank will begin offering the Works Payment Manager solution to the bank's purchasing and travel card clients. Commerce is one of the largest independent banks in the lower Midwest with over $14 billion in assets.
Commerce Bank joins Bank of America, INTRUST, PNC and SunTrust as a Works distribution partner. Works offers advanced online management, reconciliation and reporting tools for commercial card programs. The Works Payment Manager solution leads the marketplace in offering organizations the opportunity to expand the use of commercial card payments as a primary payment tool for all types of payables. Works has successfully aided clients in moving not only traditional small dollar purchases to commercial card with ease, but has also enabled organizations to move the majority of their non-payroll payables to card. An average client on the Works program grows their program 169 percent in the first 12 months of using the application.
"We believe that the addition of the Works Payment Manager solution will allow Commerce Bank clients to expand the use of their card programs through the applications advanced workflow, system integration tools and card controls. The technology and service model that Works offers Commerce will complement our service philosophy and allow for rapid growth in our card portfolio," said Jeff Burik, senior vice president, Commerce Bank.
"Commerce is a wonderful addition to our distribution strategy. With Commerce's great strength in the Midwest, we look forward to significantly expanding our market presence there," said Jerry Lester, Works Chief Executive Officer. "With this new relationship, we continue to build out a national bank partner strategy. We are excited with the amazing growth we are seeing in the use of our application. We have close to 300 clients using the Works Payment Manager solution and that number grows daily."
About Works
Headquartered in Austin, Texas, Works, Inc. is redefining how commercial cards are used by businesses today. Works partners with leading credit card issuing banks and maintains relationships with Visa and MasterCard to provide leading technology and business processes that enables business and government organizations to use commercial cards as their payment of choice.
About Commerce Bank
Commerce Bank is the principal subsidiary of Commerce Bancshares, Inc. (NASDAQ: CBSH), a $14.1 billion regional bank holding company. For more than 135 years, Commerce has been meeting the financial services needs of individuals and businesses. Commerce provides a diversified line of financial services, including business and personal banking, wealth management and estate planning and investments through its affiliated companies. Commerce currently operates in approximately 330 locations in Missouri, Illinois and Kansas. Commerce also has operating subsidiaries involved in mortgage banking, credit related insurance, venture capital and real estate activities.