US Bank Commerce Goes Live With Loan Origination & Temenos Banking Platform
US Bank Commerce officially launches loan origination platform powered by Temenos Banking Platform
Commerce Bank in the US has made further strides toward modernisation with their deployment of Swiss banking software provider Temenos’
(SIX: TEMN) loan origination solution to increase operational efficiencies and provide customers with a tailored, hyper-personalised customer experience. This deployment marks Commerce’s second deployment in 12 months following their successful migration of core banking systems onto Temenos’ modern platform in 2022. As a’super community bank’, Commerce is committed to offering first-rate financial products and services while guaranteeing outstanding customer care from coast-to-coast.
Temenos’ Infinity solution delivers advanced decisioning capabilities, powerful applications, and dynamic features – as well as extensive third-party integrations – enabling Commerce Trust – their private bank – to offer fast omni-channel loan origination through Temenos’ Infinity solution. Furthermore, this technology has helped the bank streamline loan processes through enhanced digitalization to streamline loan processes while cutting end-to-end product origination times to five minutes or less.
US Bank Commerce now offers its customers a complete suite of modern transactional capabilities with the addition of FedNow real-time payment capability to Temenos Payments Hub. Deployed as a SaaS offering, FedNow allows participants to send and receive money transfers between accounts on demand – for free for consumers and small businesses, while its infrastructure is open to banks that meet specific criteria as part of Federal Reserve System’s Clearinghouse Services.
US Bank offers business owners access to working capital through various options, including remote cash deposit, branch cash services and various credit cards that can be swiped at point-of-sale locations using VirtualMerchant Mobile and an optional card reader. Card information doesn’t reside on this device but instead encrypted upon swiping before being transmitted securely back to US Bank for processing.
US Bank has been accredited with the Better Business Bureau since 1970 and currently enjoys an A rating. They rank among the top five best-rated banks by BBB but some concerns exist over customer support issues. US Bank has received several complaints in the areas of “Problems with Product/Service” and “Billing/Collection Issues.” Most appear related to merchant services rather than any core banking platform or other products and services provided. US Bank has experienced some issues with their online banking interface and been slow to upgrade their technology. While such complaints may not be unique to US Bank, due to high transaction volume.