Tuum provides core services for new digital bank from Ferratum

Source: Tuum

Europe has welcomed an innovative new smartbank; SweepBank, a customer-centric digital banking service offered by Ferratum Bank p.l.c., has today announced it is using Tuum’s next-generation core banking platform to deliver what it calls the “Netflix experience” to the banking industry.

Utilising Tuum’s banking core, lending, and card capabilities, as well as European SEPA and international FX payments over Swift, SweepBank is revolutionising the way banks serve their customers through hyper-personalisation of their offering to meet individual customer needs. Based on their spending and saving habits, customers will receive personalised offers to optimise the way they manage their money. Additionally, SweepBank will utilise the information it gathers to roll out new products and services based on customer feedback and expectations.

Rivo Uibo, co-founder and CBO of Tuum: “SweepBank is already making waves in the market, and we are incredibly excited to be working alongside them. This is what Tuum is all about: providing a robust set of functionalities, at lightspeed and in a flexible manner, enabling clients to launch new banking experiences and future-proof their operations. With their innovative approach towards personalised banking, SweepBank is able to deliver what customers have been demanding for years: relevant services, and tailored financial advice and support.”

Currently, SweepBank offers a digital banking platform and convenient smartphone app that provides frictionless access to everyday savings accounts, as well as a free virtual Mastercard® Debit card that lets you shop safely and sustainably online or contactless with your phone. They have successfully launched in Finland and Latvia and plan to expand to other markets soon.

Tuum was selected for the broad functional coverage of its platform as well as its modern, flexible approach to core banking, which aligned with SweepBank’s own vision of how banks should serve their customers in the modern era. Tuum will now act as a critical component in SweepBank’s goal of achieving sustained growth as they continue to expand their capabilities and rapidly roll out exciting new customer-centric products and services.

Julie Chatterjee, CCO and Deputy CEO of Ferratum Bank plc.: “To disrupt the banking industry by building Netflix like experience for our customers, we need a close partnership with a provider who is able to support our mission. With Tuum we have had close cooperation and value the good communication there is between us. With their modern capabilities and flexibility we have been successful in delivering great products for our customers.