Commerce Bank, a wholly owned subsidiary of Commerce Bancshares, has selected Temenos as its strategic technology partner to drive strong customer relationships and faster speed-to-market of consumer and commercial products.
Under the deal, the technology vendor will deliver Commerce Bank a pre-configured and packaged version of its core banking software, dubbed US Model Bank.
The platform features functionality to handle US-specific regulations and services, Temenos said.
Temenos claims that its technology will power the bank’s customer and deposit systems, driving stronger customer relationships and easing delivery of consumer and commercial products.
Commerce Bank chief information officer David Roller said: "Commerce invests in our people and technology to deliver innovative solutions and convenience for our customers. The Temenos solution will enable Commerce to bring innovative products to market more quickly and efficiently.
“The modern software architecture and real-time features will provide the foundation for our digital business. Temenos has the people, culture, and technology to fulfill our vision, which is why we've chosen them as our strategic technology partner."
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Temenos Group CEO David Arnott added: " In this deal, Commerce thoroughly evaluated our platform against the large incumbent technology providers and judged our value proposition to be superior.
“In particular, the bank was impressed by our advanced technology as well as by our US Model Bank, which allows the same award-winning platform that is used by hundreds of banks across the world to also work in a completely pre-configured way for US customers. On the back of this win, we see the potential to build significant market share here in the US."