Temenos (SIX: TEMN), the banking software firm, has announced that Commerce Bank (NASDAQ: CBSH) is now live with Temenos core banking platform.
This milestone completes Commerce Bank’s modernization project to transition from its outdated legacy systems for deposits “to a modern, agile and open platform tailored for the US market.”
As noted in the update, Commerce Bank has been serving clients for more than 150 years. Commerce operates using a “super community bank” model that aims to bring together the “best of small with the best of big.”
This requires leveraging sophisticated banking products “with high-touch, high-tech delivery to create and build deep relationships.” Operating with a long-term view and a focus on the customer, Commerce modernized and consolidated its systems, “enabling innovation, real-time and straight-through processing, and a 360° view of the customer relationship.”
Commerce selected Temenos as its tech partner for its “highly flexible, agile banking platform.” Temenos’ modern platform should help with boosting operational efficiency, enhance Commerce’s ability “to innovate and incorporate emerging technologies.” Empowered by a modern platform, Commerce will aim to “benefit from rapid speed-to-market for new products and banking services.” The Temenos U.S. model bank approach should “help Commerce meet the unique business and regulatory needs of the market in an efficient and cost-effective way.”
David Roller, CIO at Commerce Bank, stated:
“Commerce is focused on staying at the forefront of technology to ensure the best service to our customers. We recognize that a modern core banking platform is an accelerator for innovation and digital customer experiences. The Temenos platform will enable Commerce to deliver innovative solutions for our customers today and well into the future.”
Max Chuard, CEO at Temenos, said:
“We are delighted to see Commerce Bank complete its core banking system modernization. This proves the strength of our banking platform, which is tailored for the needs of US banks from large regional incumbents, and global disruptors to challenger banks.”
Max also mentioned:
“Temenos continues to see strong momentum in the United States, and we’re excited to add this milestone to our achievements. Incumbent banks and challenger banks are facing stiff competition from within the industry and outside, as customer expectations for personalized, fast and easy banking interactions continue to increase. At the same time, legacy vendors aren’t able to provide the cloud-agnostic, composable banking services that continue to make Temenos an industry leader. Our open platform provides the foundation that empowers Commerce to solve customer challenges in new and exciting ways.”