Commerce Bank launches Temenos Core, on-premises

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Commerce Bank in St. Louis has commissioned Temenos’ core banking platform for deposits. Although Temenos offers its core system in the cloud – Varo Bank, the California challenger bank uses an all-cloud implementation – Commerce Bank opted to go on-premises.

Customers are choosing a combination of cloud and on-premises, said Jacqueline White, president for the Americas at Temenos.

“The US market is really aggressively moving into the cloud space. At Temenos, we are cloud-ready for all of our customers who want to take that step. Temenos was an early adopter of APIs to give users choice – what White called composable banking.

“What we’re seeing isn’t a big lift and change from the core technology, but rather parts and composable parts. We’re giving you open APIs and letting you figure out what you need and implement. find a solution that works for you.”

Legacy systems persisted well past what would have been their expiration date if they were products in a supermarket, largely because they became so complicated with piecemeal customization. .

“After years and decades, the system gets old, people come and go, then suddenly customers wake up and see legacy spaghetti, tangles, complicated. It’s very hard to just say we’re just going to just delete and replace, so you see a spot modernization.

“With Commerce Bank, we do their deposit system; they believed it would allow them to strengthen their relationships with their customers. »

Today, those relationships are more likely to be over the phone or computer than face-to-face with someone at a bank branch.

“Banking is not a place we go to but a thing we do,” White said. “Covid has accelerated the move to a personalized digital interface for users, and that’s what all financial institutions are doing. The pandemic actually brought about this – a change that was already underway – because overnight with the global pandemic, not all of us go out as much and want to do our banking with a smart phone and a computer.

“To have a good digital solution, you need a modern back-end solution,” she added. “We have this very mature, very sophisticated core platform and we offer the transfer of data analysis to the front-end for a humanized touch and feel.”

Temenos works with Tier 2 and Tier 3 banks and credit unions of all sizes, she said. In addition to Varo, Green Dot adopted Temenos in June, she added.

“It’s a very competitive market. All of our clients seek to differentiate themselves and provide a frictionless customer experience on any type of product, from BNPL to getting your paycheck two days early.

Banks are also watching the Federal Reserve to see what kind of compliance regulations might be coming.

“Our customers need to be ready. Banks feel a sense of urgency. The pandemic shows what can happen overnight, and they need systems that are ready, nimble and flexible with market conditions as well as global conditions.

Commerce has chosen Temenos as its strategic technology partner for its highly flexible and agile banking platform, said David Roller, the bank’s chief information officer.

“The modern Temenos platform will increase operational efficiency, improve Commerce’s ability to innovate and integrate emerging technologies.”

This will improve the bank’s speed to market for new banking products and services, he added.

“We recognize that a modern core banking platform is an accelerator for innovation and digital customer experiences.”

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