Wednesday, June 12, 2024
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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.

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