Temenos beats Fiserv to core banking deal in the US
Temenos is believed to be heading towards a new contract for its T24 core banking in the US, Banking Technology understands.
Commerce Bank is going to renovate its core processing software – and the system selection is nearing completion.
Two vendors are believed to be on the shortlist – Temenos with T24 and Fiserv, which is bidding with its DNA platform. Banking Technology understands that T24 is looking to be the winner. Temenos provided a “no comment” response to the enquiry.
Commerce Bank has a 150+ year history and originates from Kansas City, Missouri.
It is the 37th largest bank in the US by assets today. Its asset size is $24.6 billion.
The bank has a network of 190 branches in Missouri, Kansas, Illinois, Oklahoma and Colorado, and commercial offices in Cincinnati, Nashville and Dallas. It also operates nearly 400 ATMs.
It has 360,000 active online banking customers and 176,000 mobile banking ones.
Temenos in the US
The vendor has stated its bold claims to conquer the US market at its recent annual conference, Temenos Community Forum (TCF).
“Over the mid-term, Temenos’ total licensing revenue can be doubled through the US,” stated David Arnott, the vendor’s CEO.
He also commented that a (yet) unnamed top 25 US bank has recently signed for Temenos’ software. It will be “a great reference to get others”, Arnott said.
Banking Technology understands that Temenos has recently started working with Ally Financial and Comerica. The latter has signed for loan origination and collection software from Akcelerant, a US-based subsidiary of Temenos.
Akcelerant was acquired by Temenos in early 2015 and brought 600+ credit union clients with it.
Ally Financial is understood to have signed for Temenos’ core processing and payments software components.