Tuum and Paymentology have announced a strategic partnership aiming to bridge a gap in the financial services market across the European and Middle Eastern markets.
The collaboration aims to introduce a comprehensive, pre-integrated card payment processing and core ledger solution across Europe and the Middle East, in a bid to improve on the current legacy systems in place.
The project combines Tuum’s Card Management System (CMS) with Paymentology’s card issuer and processing platform, making it quick and easy for users to innovate and launch new offerings into the market to gain a competitive advantage without the burden of significant investment or ongoing expenses often associated with frequent changes.
David Oppenheim, global head of ecosystem partnerships at Paymentology, said: “We are very excited to announce our partnership with Tuum. Our shared technological philosophy will empower joint customers to rapidly deploy and refine card-linked financial products.
“The reduced investment and change-related costs will enable our customers to innovate in a cost-effective manner and capture market share within their respective regions.”
Paymentology uses their cloud-based infrastructure, global reach, and industry-leading APIs, to enable banks, digital banks and FinTechs to rapidly issue and process cards, anywhere in the world,
Modular core banking platform Tuum prides itself on allowing banks to quickly and safely replace their legacy systems, to lower their maintenance spending and to open up new possibilities to adapt and prosper in the digital world.
Jean Souto, global head of strategic partnerships at Tuum, added: “This collaboration holds particular significance for our expansion into the Middle East market, as we leverage Paymentology’s regional expertise to deliver seamless and innovative financial solutions to our clients.
“By combining Tuum’s secure and reliable core banking foundation with the pre-built integration enabling businesses to create customised card programs and manage the end-to-end card lifecycle directly through our native CMS User Interface, we are empowering our mutual customers to innovate, provide exceptional financial experiences and competitor differentiation.”
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