Deluxe (DLX) and insurance payments platform Bonko said Tuesday they formed a partnership to streamline premium and claims payment processing for independent insurance agencies.

Under the partnership, Bonko's technology will be integrated into the Deluxe Payments Platform, allowing agents to manage one-time and recurring premium collections, issue claims reimbursements, and automate reconciliation in real-time.

The system supports automated clearing house, credit, and debit payments, and aims to reduce processing costs and manual workflows for insurers and agents, the companies said.

Shares of Deluxe were up 1% in recent trading.

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