Estonia-based core banking provider Tuum has partnered with US-based digital banking solutions provider audax Financial Technology to empower financial institutions.
The collaboration will deliver rapid digital banking capabilities, incremental core modernisation, and scalable Banking-as-a-Service (BaaS) solutions.
Initially focused on the Middle East, the partnership will extend the services to other regions.
The alliance is expected to enable financial institutions to rapidly deploy new financial products and services, including fully digital banks, within six months.
It will enhance existing infrastructure without the costs associated with full system replacements, and deliver the robust infrastructure needed to scale BaaS models.
Also, the partnership will allow financial institutions to diversify their offerings and create new revenue streams.
Audax chief commercial officer Mike Breen said: “At audax, we are dedicated to empowering financial institutions with best-of-breed, digital-first solutions that are resilient, highly configurable and quick to market.
“By partnering with Tuum, a leader in core banking technology, we are able to deliver a holistic solution that combines the best-in-class capabilities of both companies.
“This collaboration enables us to provide our clients with comprehensive, scalable banking systems, leveraging market leaders in each area to support their unique digital transformation needs, whether they’re starting from scratch or enhancing existing infrastructures.”
The partnership combines audax’s digital solution capabilities with Tuum’s scalable core banking platform, to provide financial institutions with the necessary resources.
audax can deliver digital banking solutions in as fast as six months, and Tuum’s banking platform features modular, API-first, and microservices-driven architecture.
Their partnership is expected to provide banks with the flexibility to deploy specific modules that help reduce the costs and risks associated with full system overhauls.
It will also enable the banks to rapidly launch new digital capabilities, and adapt to growing market demands, unlocking opportunities for growth and innovation.
Tuum EMEA sales VP Miljan Stamenkovic said: “Tuum’s modular and highly configurable core banking platform is purpose-built to meet the demands of BaaS providers, offering a robust infrastructure to support mission-critical operations.
“With proven experience working with BaaS providers like LHV and Zenus, we empower financial institutions to rapidly launch innovative financial products, scale operations, and deliver exceptional customer experiences.
“As the ideal choice for BaaS providers, Tuum ensures institutions can adapt quickly to evolving market demands while achieving operational excellence.”
Earlier this year, Tuum partnered with Google Cloud to enhance the scalability, security, and performance of digital banking services across Europe, the Middle East, and Africa (EMEA).
