US-based Commerce Bank has officially gone live with FedNow on Temenos Payments Hub delivered as Temenos SaaS, enabling real-time payments on the secure, scalable and continuously updated platform.
The go-live with the FedNow service on the Temenos platform marks an additional milestone in the Commerce Bank modernisation strategy, progressively moving off legacy systems to a consolidated, future-ready, cloud-native platform.
Empowered by Temenos’ modern platform, Commerce benefits from greater business agility to bring together sophisticated banking products with high-touch, high-tech delivery. Temenos US Model Bank also helps Commerce meet the unique business needs of the US 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 modernisation path as we build value on the Temenos platform, adding capabilities that allow us to meet the rising expectations for our customers.”
Commerce also went live on the Temenos platform with core banking for deposits in 2022 and launched a new loan origination solution for private banking customers using Temenos Digital earlier this year.
Philip Barnett, president, of the Americas at Temenos, also said: “We are excited to build on our close relationship with Commerce to modernise 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 localisation is a competitive advantage for Temenos and we continue to invest in making our offering the most compelling in the market.”
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