Commerce Bank goes live with instant payment service FedNow through Temenos Payments Hub
Commerce Bank, a full-service bank headquartered in Kansas City, USA, has gone live with the FedNow instant payments service in the latest progression of its modernisation strategy.
Commerce Bank taps Temenos for FedNow
The bank’s new real-time payment capabilities have been achieved through its ongoing partnership with Temenos, after previously deploying the Swiss vendor’s core banking platform in 2022, before later tapping its Infinity loan origination solution in February this year.
Now, Commerce Bank has selected the Temenos Payments Hub to, as stated by the vendor, “bring together sophisticated banking products with high-touch, high-tech delivery” with the FedNow service.
David Roller, CIO of Commerce Bank, says the selection “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”.
Delivered via Software-as-a-Service (SaaS), the platform contains a range of payment tools and frameworks capable of executing the FedNow service effectively, including straight-through processing across multiple payment types and volumes, automated exception handling, cloud security safeguards, intelligent routing and configurable workflows, among others.
In addition to the Temenos Payments Hub, the bank has also tapped its partner’s US Model Bank – a set of pre-configured banking processes – in an attempt to “meet the unique business needs of the US market”.
