Top US Bank, Commerce Bank, goes live on the FedNow® Service with Temenos
May 15 2024 - 4:31AM
Temenos (SIX: TEMN) today announced that Commerce Bank, a top US
bank, has gone live with FedNow on Temenos Payments Hub delivered
as Temenos SaaS, enabling real-time payments on a secure, scalable
and continuously updated platform.
The go-live with the FedNow Service on the Temenos
platform marks an additional milestone in the bank’s modernization
strategy, progressively moving off legacy systems to a
consolidated, future-ready, cloud-native platform. Commerce went
live on the Temenos platform with core banking for deposits in
2022, and earlier this year, the bank launched a new loan
origination solution for private banking customers using Temenos
Digital.
Empowered by Temenos’ modern platform, Commerce
benefits from greater business agility to bring together
sophisticated banking products with high-touch, high-tech delivery.
Temenos U.S. Model Bank also helps Commerce meet the unique
business needs of the U.S. market.
This latest go-live enables Commerce to offer
FedNow real-time payments using Temenos Payments Hub. Deployed as
Temenos SaaS, Commerce can dynamically expand capacity to
accommodate future needs on a platform that handles multiple
payment types.
David Roller, Chief Information Officer at
Commerce Bank, commented: “Commerce is focused on staying
at the forefront of technology to ensure the best service to our
customers and we are delighted to enable FedNow real-time payments
with Temenos. This continues our modernization path as we build
value on the Temenos platform, adding capabilities that allow us to
meet the rising expectations for our customers.”
Philip Barnett, President – Americas,
Temenos, said: “We are excited to build on our close
relationship with Commerce to modernize its payments capability.
This latest go-live with FedNow real-time payments will further
elevate the experience for Commerce’s customers and proves the
strength of our banking and payments platform, which is tailored
for the needs of US banks. Our single code base across core banking
and payments with robust localization is a competitive advantage
for Temenos and we continue to invest making our offering the most
compelling in the market.”
About TemenosTemenos (SIX: TEMN)
is the world’s leading platform for composable banking, serving
clients in 150 countries by helping them build new banking services
and state-of-the-art customer experiences. Top performing banks
using Temenos software achieve cost-income ratios almost half the
industry average and returns on equity 2X the industry average.
Their IT spend on growth and innovation is also 2X the industry
average.
For more information, please visit
www.temenos.com.
Media Contacts
Jessica Wolfe & Scott Rowe
Temenos Global Public Relations
Tel: +1 610 232 2793 & +44 20 7423 3857
Email:press@temenos.com
Alistair Kellie
Newgate Communications on behalf of Temenos
Tel: +44 20 7680 6550
Email:allnewgatetemenos@newgatecomms.com