Another significant step in the bank's modernization strategy—which gradually replaces outdated systems with a unified, cloud-native platform that is geared for the future—has been reached with the launch of the FedNow Service on the Temenos platform. Commerce released a new loan origination solution for private banking customers earlier this year using Temenos Digital, and in 2022 the bank went live on the Temenos platform with core banking for deposits.

With the help of Temenos' cutting-edge platform, Commerce is able to combine high-tech, high-touch delivery with complex financial solutions thanks to increased business agility. Temenos U.S. Model Bank assists Commerce in satisfying the particular business requirements of the American market.

With Temenos Payments Hub, Commerce is now able to offer FedNow real-time payments.When implemented as Temenos SaaS, Commerce's capacity can be dynamically expanded to meet future requirements on a platform that accepts various payment methods.

Chief Information Officer David Roller of Commerce Bank said:

"To provide our clients with the greatest service possible, commerce is committed to remaining on the cutting edge of technology, which is why we are thrilled to integrate Temenos with FedNow to enable real-time payments. With the addition of capabilities that enable us to fulfill our customers' growing expectations, we are adding value to the Temenos platform and advancing our modernization journey.

Temenos President of the Americas, Philip Barnett, stated:

We can't wait to strengthen our close partnership with Commerce by updating its payment capabilities. With FedNow real-time payments now operational, Commerce's clients will have an even better experience, and our platform for payments and banking—which is designed with US banks in mind—is strong. Temenos has a competitive edge because to its single code base for core banking and payments, which is robustly localized. We also continue to invest in making our solution the most compelling in the market.