Engagement banking company Backbase has partnered with high-value financial services provider EverBank to bolster commercial and treasury services.

The partnership will help the bank with its ongoing digital transformation.

According to the terms of the agreement, Backbase will serve as the all-encompassing solution for EverBank’s commercial clients their subsequent treasury needs. This includes domestic and international wire transfer, FX dealings and rate monitoring, automated clearing house (ACH) transactions, and online banking.

Backbase’s engagement banking platform will offer integrated payment solutions for multiple loan payments systems, support waterfall payment distributions, and deliver the full-service capabilities that larger commercial customers and treasury clients’ demand.

These comprise payment scheduling, international financial operations, as well as real-time fraud monitoring.

Besides, EverBank will leverage Backbase for handling deposits in both traditional and global markets commercial banking sectors.

Backbase managing director and enterprise sales head Rich Kiel said: “We’re proud to be a part of EverBank’s ongoing digital transformation and are committed to enhancing their customer experience, strengthening their competitive edge and fueling their future growth.

“Our experience and understanding of the commercial banking industry has allowed us to provide the insights as well as the technology platform that EverBank needs as they look to further advance their commercial division.”

According to Backbase, its engagement banking platform was selected by EverBank for its capability to offer a strong and flexible commercial banking experience.

Backbase said that the partnership will allow EverBank to execute a new online commercial banking and treasury platform as well as to lay the groundwork for future growth.

EverBank senior vice president and digital innovation and transformation head Colby Mangers said: “We chose Backbase not only for their client-focused philosophy and approach, but also the platform’s flexibility and functionality, which are vital for realizing our long-term strategic goals.

“The platform’s modern architecture will help fuel our digital transformation needs now and into the future. As a digital bank with a growing national footprint, we plan to grow exponentially by expanding our service offerings and customer base.”

In February 2024, Backbase collaborated with cloud-based payments and money movement services firm Alacriti to offer instant payment solutions for financial institutions.