Tuum and Paymentology Forge Strategic Partnership to Transform Financial Services Landscape
In a groundbreaking announcement on September 20, 2023, two industry giants, Tuum and Paymentology, unveiled their strategic partnership with a resounding mission: to revolutionize the financial services sector across the European and Middle Eastern markets, as highlighted in Fintech Global News. This collaboration seeks to address longstanding challenges within the industry and introduce innovative solutions that promise to reshape the financial landscape.
The primary objective of this partnership is to usher in a comprehensive, pre-integrated card payment processing and core ledger solution throughout Europe and the Middle East, with the intent of superseding the outdated legacy systems that have long hampered progress. By merging Tuum’s Card Management System (CMS) and Paymentology’s card issuer and processing platform, the initiative is set to facilitate swift and seamless innovation, offering businesses a competitive edge without the hefty investments and ongoing expenses typically associated with frequent system changes.
David Oppenheim, the global head of ecosystem partnerships at Paymentology, expressed his enthusiasm for the venture, saying, «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’s core strength lies in its cloud-based infrastructure, global reach, and industry-leading APIs, which enable banks, digital banks, and FinTechs to issue and process cards swiftly across the globe. On the other hand, Tuum, with its modular core banking platform, is renowned for enabling banks to seamlessly replace legacy systems, reducing maintenance expenditures, and unlocking new opportunities to thrive in the digital realm.
Jean Souto, global head of strategic partnerships at Tuum, emphasized the significance of this collaboration, particularly in their expansion into the Middle East market. He stated, «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 customized 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.»
The strategic partnership between Tuum and Paymentology heralds a new era in the financial services sector, promising groundbreaking solutions that will not only enhance customer experiences but also empower financial institutions to thrive in a rapidly evolving digital landscape. This collaboration is poised to bridge the gap in the market, offering innovative, cost-effective solutions that will undoubtedly shape the future of financial services in Europe and the Middle East.