Commerce Bank Adopts FedNow via Temenos Payments Hub to Boost Modernization
Commerce Bank in the US has launched FedNow on the Temenos Payments Hub, delivered through Temenos SaaS, enabling real-time payments on a secure and scalable platform, according to The Fintech Times. This marks another step in the bank’s modernization strategy, moving away from legacy systems to a future-ready, cloud-native platform.
Temenos’ platform provides Commerce Bank with enhanced business agility, combining advanced banking products with high-tech delivery. The Temenos US Model Bank aids Commerce in addressing the unique needs of the US market.
With this latest implementation, Commerce can offer FedNow real-time payments through the Temenos Payments Hub. As a SaaS deployment, the platform can dynamically expand to meet future demands and handle various payment types.
David Roller, Commerce Bank’s Chief Information Officer, stated, «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.»
In addition, Commerce Bank launched core banking for deposits on the Temenos platform in 2022 and a new loan origination solution for private banking customers earlier this year.
Philip Barnett, President of the Americas at Temenos, added, «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 prove the strength of our banking and payments platform, which is tailored to the needs of US banks. Our single code base across core banking and payments with robust localization is a competitive advantage for Temenos.»