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Commerce Bank adopts Temenos' loan origination solution

Tuesday 20 February 2024 11:21 CET | News

Switzerland banking platform Temenos has announced that US-based Commerce Bank has adopted its loan origination solution.

 

Specifically, Commerce Bank has implemented Temenos' loan origination solution to improve operational efficiency and deliver a seamless customer experience. This follows the successful 2022 migration of its core banking system to Temenos' modern platform. 

Commerce, known for its 'super community bank' model, combines sophisticated banking products with personalised service. Temenos' solution offers automated processing, customisable applications, and streamlined integrations, enabling faster processing of securities-based loans and lines of credit. 

The system relies on automation, which eliminates paper-based tasks, improves reliability, and reduces processing time when compared to manual processes, which were known to delay applications. In the company press release, representatives from Commerce Bank emphasised their focus on simplifying finances for high-net-worth individuals. They acknowledged Temenos' solution as instrumental in improving the lending experience, boosting staff efficiency, and increasing customer satisfaction. 

In turn, representatives from Temenos expressed their delight in strengthening their partnership with Commerce Bank. They view this deployment as a testament to their platform's adaptability, serving diverse US banks ranging from major institutions to challengers. In essence, in the competitive private banking landscape, Temenos aims to help Commerce Bank provide personalised, fast, and convenient banking interactions.

 

Switzerland banking platform Temenos has announced that US-based Commerce Bank has adopted its loan origination solution.

 

Previous developments from Temenos 

In January 2024, digital engineering company Nagarro and banking software provider Temenos have joined forces to create customised Temenos Country Model Banks for Romania and Poland. This agreement leveraged Temenos' competitive edge in Country Model Banks by partnering with local experts such as Nagarro. Following this partnership, Nagarro further developed existing model banks and created new ones compatible with Temenos' platform and cloud offerings. 

The main focus was on incorporating local regulations and specific business needs of financial institutions in both countries. Nagarro's investment in development aimed to provide new solutions for the Romanian and Polish banking landscapes. 

In the same month, Temenos announced the launch of LEAP, which is an AI-powered offering that aims to optimise how banks and financial institutions modernise their products.

Following this announcement, the new product was expected to allow Temenos customers and users to transfer to the latest Temenos platform, aiming to accelerate their overall process to the cloud and Software-as-a-Service (SaaS). By combining Temenos’ banking platform with proven transformation procedures, as well as its experience services teams and a select group of specialised collaborators, LEAP was developed to provide banks and financial institutions with a fast, low-risk, and efficient route to a modern cloud-native architecture to future-proof their businesses. 


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Keywords: partnership, banks, financial services, lending
Categories: Banking & Fintech
Companies: Commerce Bank, Temenos
Countries: United States
This article is part of category

Banking & Fintech

Commerce Bank

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Temenos

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