- Commerce Bank Modernisation Strategy:
- Commerce Bank, headquartered in Kansas City, has gone live with the FedNow instant payments service.
- This is part of the bank’s ongoing modernisation efforts.
- Partnership with Temenos:
- The bank’s real-time payment capabilities were achieved through its partnership with Temenos.
- Previously, Commerce Bank deployed Temenos’ core banking platform in 2022 and its Infinity loan origination solution in February 2023.
- Implementation of Temenos Payments Hub:
- Commerce Bank selected the Temenos Payments Hub to integrate sophisticated banking products with FedNow’s real-time payment service.
- The hub offers features like straight-through processing, automated exception handling, cloud security, intelligent routing, and configurable workflows.
- Technology and Services:
- The Temenos Payments Hub is delivered via Software-as-a-Service (SaaS).
- The bank also uses Temenos’ US Model Bank, a set of pre-configured banking processes tailored to the US market.
- Statements from Commerce Bank:
- David Roller, CIO of Commerce Bank, highlighted that this selection continues the bank’s modernization path, aiming to meet rising customer expectations.
Commerce Bank goes live with instant payment service FedNow through Temenos Payments Hub
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