FedNow® roll out continues Commerce Bank’s progressive modernization from legacy systems to a single, future-ready, cloud-native platform
DUBLIN, Ireland, May 15, 2024 – 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.”
