At its core, Tuum aims to liberate banks by enabling them to swiftly and securely replace their outdated systems, reduce maintenance costs, and unlock new opportunities in the digital realm.
In the highly competitive financial services industry, it requires more than a stroke of luck for a relatively new digital banking company to establish itself and secure significant projects. Tuum’s selection as the core infrastructure provider for all of LHV UK’s financial operations involving 200 client companies and 10 million end customers globally is a testament to its ability to offer seamless, tailored financial services.
“What sets Tuum apart is its rich functionality beyond traditional core banking, offering a payment engine with transactional capabilities and a card management system right from the start. This versatility allows Tuum to serve a wide market segment, not only fuelling retail and greenfield projects but also successfully migrating legacy systems in banking institutions, banking as service providers, and Fintech companies,” reveals Edgardo Torres Caballero, Chief Revenue Officer at Tuum.
“What sets Tuum apart is its rich functionality beyond traditional core banking, offering a payment engine with transactional capabilities and a card management system right from the start.”Edgardo Torres Caballero, Chief Revenue Officer at Tuum.
Leveraging Single Source Code
One of Tuum’s key advantages is the utilization of a single source code. This approach allows for continuous updates and releases encompassing the entire client base. “By consistently updating the core on a single source code basis, Tuum ensures that functional requirements are consistently met, addressing the frustrations often experienced by clients using the legacy systems,” shares Caballero.
Extensible API Ecosystem
Tuum’s platform is designed with modernity in mind and is API-first, allowing for seamless integration with various components and 3rd party offerings that form an extensive ecosystem. “It is built to be natively deployed on public Cloud providers, with an agnostic view towards providers like Azure, AWS, Google, and Oracle.
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Additionally, we have an OpenStack model that enables deployment on multi-cloud environments and even private clouds in some instances to meet data residency requirements, such as in Saudi Arabia and Egypt. To facilitate integration, we have a developer portal where users can access the full range of our APIs,” adds Caballero. Through these partnerships, clients can easily integrate and deploy their solutions, creating a flexible and decoupled architecture that accelerates their time to market.
Scalable Platform Capabilities
Tuum’s focus revolves around core banking, lending, payments, and card management, with these modules consistently updated to meet client requirements in the declared market segments, including Europe, the UK, and the Middle East. As Tuum expands into new markets like Latin America, the platform is carefully tailored to meet regional requirements before entry. Microservice code enables efficient maintenance of clients’ installed base, ensuring backward compatibility and smooth migration processes.
“Tuum takes pride in the scalability of its platform, allowing it to handle increasing demands seamlessly. With a configuration-first approach, Tuum prioritizes setting up necessary configurations before the migration process begins. This proactive method minimizes the chances of any complications arising during the migration phase,” shares Caballero.
Cultural alignment between your organization and the chosen partner must be strong to implement core banking systems successfully. Since projects often have ups and downs, culture plays a significant role in deployment. “At Tuum, we take pride in our culture, treating our clients as part of our family. We believe that their success is our success, and we prioritize their satisfaction. You can think of it as our end goal to form sustainable relationships through effectual delivery of our services so that our clients can focus on innovating and creating value for their customers, ” concludes Caballero.