What Cass Information Systems does

Cass Information Systems is a NASDAQ-listed (ticker: CASS) provider of integrated payment and information management solutions for large enterprises, founded in 1906 as a neighborhood bank in St. Louis and now operating with more than 1,000 employees across the U.S., Europe, Brazil, and Singapore. The company's core business processes, audits, and pays freight, utility, waste, and MRO invoices on behalf of customers, managing $94 billion in annual disbursements across 185 countries and 114 currencies, and processing roughly 51 million invoices per year for clients that include PepsiCo, Caterpillar, Edward Jones, Unilever, BASF, Toyota, Lowe's, Emerson, Macy's, and Volvo.

The platform is delivered through proprietary technology including the CassPort client portal, the ExpenseSmart facilities portal, the Ratemaker rate benchmarking tool, the WasteVision waste invoice platform, and the recently acquired AcuAudit audit platform. Payment infrastructure is anchored by Cass Commercial Bank, a Federal Reserve Member Bank subsidiary, which provides bank-grade security and regulatory compliance; CassPay extends this infrastructure to networks and fintechs for one-to-many and many-to-many payments, supplier onboarding, and multi-currency processing.

Cass earns the majority of its revenue through transaction-based fees on freight audit and payment, utility bill management, waste invoice management, and MRO invoice management, supplemented by net interest income from Cass Commercial Bank and payment network fees via CassPay. The company goes to market through an enterprise field sales motion targeting large organizations with multi-year, quote-based contracts; it augments that motion with content-driven lead generation via its monthly Cass Freight Index and Cass Truckload Linehaul Index publications. Recent portfolio actions have included the divestiture of the telecom expense management business to Asignet in April 2025, the acquisition of the AcuAudit Platform from Acuitive Solutions in January 2025, and a strategic partnership with Caspian launched in February 2026 to add AI-driven tariff cost management for U.S. importers.

Name

Cass Information Systems

Legal name

Cass Information Systems, Inc.

Website

https://cassinfo.com

Company type

Public

Founded year

1906

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Cass Information Systems is a NASDAQ-listed provider of freight audit and payment, utility bill, waste invoice, and MRO expense management services for large enterprises, processing approximately 51 million invoices and $94 billion in disbursements annually across 185 countries, anchored by its Cass Commercial Bank subsidiary.

Ownership category

akta.pro rank

Product category

Enterprise Expense Management Services

NAICS

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (51821), Savings Institutions and Other Depository Credit Intermediation (52218), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Savings Institution, Federally Chartered (6035), Services-Computer Processing & Data Preparation (7374), Finance Services (6199)

akta.pro primary industry

iBPMS (Intelligent BPM Suites) & Process Automation Suites (HDAEAHAG)

Keywords

• Freight audit payment
• Utility bill management
• Waste invoice management
• MRO invoice management
• Commercial banking services

Headquarters

HQ city

St Louis

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Freight Audit and Payment Services: Transaction-based fees from freight invoice processing, validation, audit, and payment services for transportation expenses.
2. Utility Bill Management: Fees for processing and paying utility bills across multiple locations with audit and data extraction services.
3. Waste Invoice Management: Waste and recycling invoice processing, auditing, and payment services with sustainability reporting capabilities.
4. MRO (Maintenance, Repairs, Operations): Invoice management services for maintenance, repairs, and operations expenses.
5. Banking Operations (Cass Commercial Bank): Net interest income from the commercial banking subsidiary, which provides financial services supporting operational efficiency across facilities and transportation.
6. CassPay Services: Payment processing services for networks and fintechs, including one-to-many and many-to-many payments, supplier payment optimization, and multi-currency payment capabilities.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Cass Information Systems provides integrated payment and information management services that audit, process and pay enterprise invoices for freight, utilities, waste, and MRO expenses, backed by banking infrastructure through its Cass Commercial Bank subsidiary. Its proprietary technology platforms (WasteVision™, AcuAudit®, CassPort®, ExpenseSmart®, Ratemaker®) automate invoice ingestion, validation, and payment across 185 countries and 114 currencies for large enterprise customers.

Product overview

Cass Information Systems offers an integrated payment and information management platform with multiple product lines. The core offerings include Freight Audit & Payment services for transportation invoice management and Utilities, Waste, and MRO services for facilities expense management. These are supported by proprietary technology platforms including WasteVision™ for waste invoice processing and AcuAudit® for cross-category auditing. Client-facing portals include CassPort®, ExpenseSmart®, and Ratemaker®, while CassPay provides payment network services. The company also publishes the Cass Freight Index® and Cass Truckload Linehaul Index® as market intelligence tools. Cass Commercial Bank, a Federal Reserve Member Bank subsidiary, backs the payment infrastructure with bank-grade security. The portfolio is completed with analytics platforms (Amplify by Cass™), market intelligence (SONAR SCI), and specialized services like Cass Expedite® for early carrier payments.

Differentiator

Problem solved

Functional benefit

Brands

• Cass Commercial Bank: Provides financial services that power operational efficiency across Facilities and Transportation—bringing trust, control, and insight to every transaction.
• CassPay

Products and services

• Freight Audit & Payment

Quantifiable outcome

• 99% bill payment accuracy rate for waste invoice management
• +3 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Feature6 records

Partnerships

Two partnerships are on record, tiered core and minor.

• CaspiancoreStrategic or Co-development Partner · 26 February 2026Strategic partnership to deliver comprehensive tariff cost management solution for U.S. importers. The partnership integrates Cass's payment and ocean audit systems with Caspian's AI-driven HTS modeling, tariff audit, and duty drawback processing capabilities. Combined solution helps importers improve trade compliance, identify customs refunds, and gain visibility into landed product costs. Supports HTS modeling, tariff audits, refund identification, post summary corrections, and duty drawback programs.
• Inbound LogisticsminorOthersIndustry publication that recognized Cass as a Top 100 Logistics & Supply Chain Technology Provider for 2025, providing market visibility and credibility within the supply chain technology sector.

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Tipalti: AP automation platform offering invoice capture, approvals, global payments, and supplier management. Overlaps with Cass's B2B payment, multi-currency processing, and supplier payment capabilities.
• Bill.com: Public SMB-focused AP automation and B2B payments platform. Competes with Cass on invoice ingestion, approval, and B2B payment rails, though Cass targets larger, more complex enterprise workloads including freight and facilities expense.
• Emburse: Enterprise expense management and AP automation suite including invoice capture, approvals, and payment. Competes with Cass on accounts payable and expense management workflows for mid-to-large enterprises.
• AvidXchange: Public B2B accounts-payable automation provider serving mid-market and enterprise customers with invoice processing, approval workflows, and B2B payments. Directly competes with Cass's AP automation, audit, and payment services for enterprise finance teams.
• HighRadius: AI-native order-to-cash and treasury/finance automation platform that includes invoice processing, payment, and AI-driven anomaly detection. Comparable to Cass in applying AI/ML to invoice auditing and enterprise finance workflow automation.

Broad incumbents

• JPMorgan Chase Commercial Banking: Commercial bank offering corporate card, treasury, and integrated payables solutions for large enterprises. Competes with Cass Commercial Bank and CassPay on corporate payment infrastructure and B2B disbursement rails.
• SAP Concur: Incumbent enterprise travel, expense, and invoice management suite owned by SAP. Broader portfolio than Cass but overlaps on enterprise expense/AP automation where Concur Invoice competes head-to-head with CassPort and ExpenseSmart.
• U.S. Bank Corporate Payment Systems: Large corporate card, B2B payment, and procurement solutions division of U.S. Bancorp. Comparable to Cass in providing regulated payment rails and AP/commercial payment services for enterprise treasury operations.

Emerging players

• Procurify: Spend management and AP automation platform with AI-driven invoice capture. Adjacent competitor in AP automation and approval workflows, primarily targeting mid-market organizations rather than Cass's enterprise freight and facilities scope.
• Ramp: Fast-growing AI-native spend management platform combining corporate cards, AP automation, and bill pay. Adjacent competitor to Cass particularly for mid-market prospects with simpler expense profiles than Cass's freight/facilities-heavy enterprise customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/cass-information-systems
• Facebookfacebook.com/175865212454642

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cass Information Systems