Commerce Bank taps Temenos for loan origination solution
US private bank Commerce has gone live with Swiss core banking vendor Temenos’ Infinity loan origination solution.
Commerce Bank goes live with Temenos Infinity
Temenos, which has recently been forced to refute allegations made by Hindenburg Research of client dissatisfaction and accounting irregularities, claims its Infinity system will provide the US private bank with increased operational efficiency and personalised customer experiences.
Commerce says it previously relied upon complex “manual calculations, documentation and collateral gathering to process applications”, and has now deployed the vendor’s solution to create a “fast, omni-channel origination experience for securities-based loans and lines of credit”, to be provided through Commerce’s private banking arm, Commerce Trust.
In addition, the bank asserts that the Infinity solution has facilitated the full automation of its loan operations, leveraging heightened digitisation to enhance reliability and eliminate paper-based procedures, resulting in a “five minutes or less” end-to-end process.
“The Temenos’ loan solution will help us keep ahead of the competition” claims John Handy, president and CEO of Commerce Trust.
Philip Barnett, Temenos’ president – Americas, states that in partnership with Temenos, Commerce can “meet the rising expectations for personalised, fast and easy banking interactions,” amidst the intensifying competition within the US private banking sector.
Commerce joins several banks to recently implement Temenos’ tech, including Puerto Rico’s Segura Bank, National Bank of Iraq and Capital Bank of Jordan, and Qatar’s Lesha Bank, which has upgraded to the vendor’s Transact core banking platform.
