Core banking provider Tuum has announced its partnership with Bank CenterCredit in order to power its new BaaS proposition.
Following this announcement, the partnership is set to establish a strategic initiative for banks around the world to develop at speed, as well as compete with digital challengers, and unlock new revenue streams through the use of Embedded Finance.
In addition, BCC will be leveraging Tuum’s flexible and modular platform in order to launch a greenfield BaaS offering. This move is expected to enable BCC to serve a wide ecosystem of fintechs and corporate partners, as well as allow it to compete and grow in Central Asia’s rapidly expanding digital finance market.
More information on the Tuum x Bank CenterCredit partnership
According to the official press release, the partnership will focus on progressive modernisation, a strategy that is currently gaining traction among established banks in the GCC, Middle East, and Europe. Through the process of running Tuum in parallel with its legacy systems, BCC will be given the possibility to rapidly deploy new, in-demand products without the risk and disruption of a full-scale legacy overhaul. At the same time, this approach represents a critical step for banks that are aiming to stay competitive and relevant in a fast-evolving landscape.
Through this collaboration, Tuum will initially provide the Accounts, Payments, and Cards modules, all managed through the Tuum Orchestration Platform (TOP). The roadmap is set to include future expansion into Lending and a fully integrated Islamic Banking offering, representing a key capability that demonstrates the platform's strategy to meet the specific demands of markets across the Middle East. The entire solution will be deployed on AWS Outposts within the bank's data center, and it will also focus on combining cloud-native agility with the control of an on-premise model.
Furthermore, Tuum’s modular architecture and orchestration capabilities will allow the bank to not only launch its BaaS proposition quickly but also to build a foundation for future developments, including lending and Islamic finance.
