Wednesday, June 12, 2024
18.5 C
New York

Commerce Bank goes live with instant payment service FedNow through Temenos Payments Hub

  • 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.

Hot this week

Banking as a Service: Meaning, Examples, Benefits and Future

The push for open banking has led to a...

What is Fintech?

Fintech: A term used to refer to innovations in...

Best fintech blogs and websites

Fintech (financial technology) has been an interesting part of...

How to buy shares online

Buying shares online in India has come a long...

Is it worth investing in life insurance over 60?

Is it worth investing in life insurance over 60? As...

U.S. Bank taps Greenlight for family-focused money management tools

U.S. Bank Partners with Greenlight to Enhance Financial Literacy...

Finseta offloads non-trading subsidiary Capital Currencies to undisclosed buyer for £150,000

Summary of Finseta's Sale of Capital Currencies:Transaction Overview:...

Peru becomes first South American country to adopt NPCI’s UPI tech

Summary of BCRP and NPCI International Partnership:Partnership Overview:...

Beobank selects Viva to power new corporate payment solutions for SMEs in Belgium

Beobank and Viva Partnership - Key Points:Partnership Objective:...

Siri and Google Assistant look to generative AI for a new lease on life

There’s a lot riding on next week’s WWDC 2024...

Centenary Bank embarks on tech overhaul with Oracle Flexcube core banking system

Centenary Bank Technology Transformation - Key Points:Bank Overview:...

Related Articles

Popular Categories

spot_imgspot_img