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Commerce Bank Adopts Temenos Loan Origination Solution to ‘Keep Ahead of the Competition’

US-based Commerce Bank has now officially implemented a new loan origination solution from Temenos, the SaaS cloud banking solution provider, to increase operational efficiency and deliver a frictionless, hyper-personalised customer experience.

The solution, Temenos (Infinity) Loan Origination, offers powerful decisioning, customisable applications, dynamic features, and various third-party integrations. Commerce Bank deployed the solution to create a fast, omnichannel origination experience for securities-based loans and lines of credit provided through its private bank, Commerce Trust.

The latest go-live also follows the successful modernisation of Commerce Bank’s core banking system, moving from legacy systems for deposits to Temenos’ more agile and open platform tailored for the US market. In 2022, the bank migrated over 2.5 million customers, as well as 6.9 million accounts to the Temenos platform.

John Handy, president and CEO of Commerce Trust, Temenos Commerce Bank
John Handy, president and CEO of Commerce Trust

John Handy, president and CEO of Commerce Trust, commented on the bank using the Temenos solution: “Commerce helps high-net-worth individuals simplify their complex financial lives. The Temenos’ loan solution will help us keep ahead of the competition, to take the lending experience to the next level, increasing staff efficiency and customer satisfaction.”

Named among America’s Best Banks by Forbes, Commerce Bank operates using a ‘super community bank’ model, bringing together sophisticated banking products with high-touch, high-tech delivery to create and build deep relationships.

Increasing digitisation

Commerce previously relied on manual calculations, documentation and collateral gathering to process applications, which was complex to configure and set up.

With Temenos (Infinity) Loan Origination, the bank has also been able to automate the process with increased digitisation to eliminate paper processes, improve reliability and drive the end-to-end product origination process down to five minutes or less.

Philip Barnett, president for the Americas at Temenos, also discussed Commerce Bank’s decision to adopt its loan origination solution: “This latest go-live 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.

“Private banking is an increasingly competitive segment in the US and with Temenos, Commerce can continue to differentiate and meet the rising expectations for personalised, fast and easy banking interactions.”

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