Swiss banking software developer, Temenos, has announced a new partnership that will see US-based Commerce Bank fully incorporating the developer’s banking solution.
The move looks to expand Commerce Bank’s journey into modernisation by fully replacing the bank’s legacy systems for deposits with an open platform offering for the US market.
David Roller, Chief Information Officer, Commerce Bank, commented: “Commerce is focused on staying at the forefront of technology to ensure the best service to our customers.
“We recognise 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.”
According to a joint statement, Commerce has chosen to partner up with Temenos as the developer’s technology closely aligns with what the bank is looking to achieve. The focus will be on increasing operational efficiency and enhancing the financial institution’s ability to incorporate emerging technologies. Commerce will also turn to Temenos for help in creating a cost-effective way of meeting the business and regulatory needs of the market.
Max Chuard, Chief Executive Officer, Temenos, added: “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.
“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 personalised, 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,” Chuard concluded.