Tuum and Paymentology have announced a strategic partnership which aims to introduce a comprehensive, pre-integrated card payment processing and core ledger solution for the European and Middle East markets.
The partnership combines Tuum's Card Management System (CMS) with Paymentology's card issuer and processing platform, which the fintechs argue bridges a gap in financial services.
The companies argue conventional approaches typically require complex and costly customisations to launch new financial products, but their proposition make it quick and easy for business users to innovate and quickly launch new offerings to market to gain competitive advantage without the burden of significant investment or ongoing expenses 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."
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."