Throughout this partnership, the companies will introduce a pre-integrated headless front-end, with a microservices-based core banking tool. The product was designed for technology-led businesses that require the flexibility and security of a highly modular architecture. This is set to allow banks, fintechs, and financial institutions to use the MACH (Microservices, API-first, cloud, headless) tool, while also accelerating the development of a pre-integrated core and front-end.
According to the press release, the solution will combine Plumery’s suite of digital banking capabilities with Tuum’s cloud-native, modular core, aiming to allow launching businesses to get to market in a faster and more secure manner. The product will also see a fully digital onboarding procedure, as well as multi-factor accounts, transaction, and money movement journeys, with more joint offerings being released in early 2024 as well.
Core banking provider Tuum offers banks and financial institutions the possibility to replace their legacy systems, lower maintenance spending, and open up new opportunities to adapt to a digital world. The company had multiple partnerships and launches in the last couple of months, covering different geographic areas around the world.
In September 2023, Tuum announced its collaboration with AMLYZE, an anti-financial crime service provider, in order to extend its next-generation core banking capability by leveraging specialist anti-financial crime solutions. The strategic deal aimed to give banks and financial institutions the possibility to use out-of-the-box compliance. This was achieved through the integration of Tuum’s core banking, payment, and card modules with AMLYZA’s comprehensive compliance product.
According to the press release published at the time, the companies highlighted the regulatory environments that were growing increasingly strict, with not a lot of room left to compromise when it comes to compliance requirements and laws. Tuum and AMLYZE recognised the challenges and sought to deliver a solution that provides financial institutions with the capability to navigate the evolving landscape across the globe in a secure and efficient manner.
Earlier in the same month, Tuum announced its partnership with Paymenthology in order to launch a pre-integrated card payment processing and core ledger solutions, aimed to be available for the European and Middle East markets.
Throughout this strategic deal, the companies focused on offering financial institutions, banks, and fintechs the needed access to a global gateway for card management and payment processing tools. The business and fintech users were given the opportunity to address and meet the needs, preferences, and demands of their modern clients while remaining compliant with the laws and requirements of the industry at the same time.
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