The arrangement covers the platform's development and operational support for the next five years.
Sparxpres provides affordable digital finance and credit solutions to individual clients, as well as gift card solutions to municipalities and national retail chains. Sparxpres processed over 1.4 million transactions for 98 partners at 6,500 sites across 120 Danish cities in 2022. The new platform, which is being developed by Trifork utilising Tuum's card and loan modules as well as in close collaboration with Nets and Visa, offers Sparxpres future-proof core technologies that allow for the easy introduction of new products.
Sparxpres will be able to supply credit and gift card solutions, as well as prepaid payment cards that can be limited to certain uses, with the new platform. This allows clients, such as government agencies, to issue payment cards for specified reasons, ensuring that the card is only used for the purpose for which it was provided. Moreover, cards may be supplied to a wallet, which is where the future of this sort of product resides.
Tuum and Trifork have been working together to expand both parties' banking and fintech products since July 2021. For more than 15 years, Trifork has been creating and implementing new digital solutions and platforms for the financial sector in Europe, based on next-generation technologies that can be integrated with older systems. Tuum's cloud-agnostic SaaS core banking solution enables financial service providers to swiftly roll out new financial products and services, allowing them to better meet the demands of their consumers.
Tuum's platform is made up of discrete modules that allow clients to pick and select the specific features they require to fulfil their business objectives. As opposed to older banking platforms, its API-first strategy allows for easy interaction with other services and systems, allowing for the roll-out of new product offerings to be flexible, rapid, and cost-effective.
The collaboration should improve both organisations' banking and technology offerings. Modularbank has created a scalable core banking platform with retail and commercial banking features.
Tuum had a fruitful year in terms of relationships in 2022. Fiinu chose Tuum as the primary banking platform to support its Plugin Overdraft solution in September. Fiinu's Plugin Overdraft attempts to provide some freedom to the strictly regulated overdraft market by allowing clients to get an overdraft capacity without switching banks or current accounts.
Tuum teamed with regtech Salv one month later, in October 2022, to provide AML capabilities to the former's primary banking platform. Apart from the AML skills included in the cooperation, the collaboration tackles the gaps that are frequently discovered between time-to-market strategy and the quality of AML compliance. Tuum's clients now have access to a quick, flexible, and transparent AML platform with comprehensive monitoring, screening, and risk-scoring solutions thanks to their collaboration with Salv.
Lastly, in November 2022, Tuum joined with Bricknode to help financial institutions adopt digital investment products. Tuum's API-first, modular core banking platform enables businesses to rapidly launch new financial products ranging from accounts, deposits, and loans to payments and cards. Tuum is expanding its product line by cooperating with Bricknode and adding investments to its platform.
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