Following our exploration of Tuum’s banking core and lending modules, we continue our Deep Dive series with an in depth look into the capabilities of our payments module.
One of the hottest sectors in banking and fintech right now is undoubtedly payments; in a global economy, the smooth movement of money between banks and other payment providers is paramount. Tuum’s payments module enables payment service providers to innovate and scale at pace, supported by SEPA and SWIFT capabilities, as well as connectors to payment rails which open up a myriad of market opportunities.
Our clients successfully leverage Tuum’s payments module to deliver seamless payment experiences, with use cases ranging from large agency banking institutions to SME payments institutions, and crypto payment companies.
Below we have highlighted some of the defining features of our payments module which make it an ideal choice for incumbents and fintechs alike.
Of course, for a more comprehensive overview, we would be happy to give you a full demo.
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SEPA, SEPA Instant, & SWIFT Payments
Tuum’s payments module supports a variety of payment types including FPS (Faster Payments Service), SEPA (Single Euro Payments Area), SEPA Instant, and SWIFT (Society for Worldwide International Financial Telecommunications) transfers, enabling users to configure a truly global payments offering. FPS is the UK-based payment scheme. SEPA allows customers to cashless euro payments – via credit transfer – to anywhere in the European Union, as well as a number of non-EU countries. With SEPA Instant, transfers can be made within seconds, 24/7 and with funds available to recipients immediately. With SWIFT capabilities, money transfers can be made on a global scale.
Additionally, we also support FPS (Faster Payments Service) through our connectors with Banking Circle and LHV.
Connector: Banking Circle
Tuum’s connector with Banking Circle gives our clients the ability to access global cross-border payments in 25 major currencies, including direct clearing in multiple currencies through connections to the local payment rails. We are also able to process FX orders with rates provided by Banking Circle, and can support both single and multi-currency payments.
Banking Circle currently processes over 6% of Europe’s B2C e-commerce flows and, in 2021, it processed over €250b in payments volumes.
Currencycloud is a leading provider of payments infrastructure to banks, fintechs and FX brokers. With this connector, our clients gain the ability to transfer payments in 38 different currencies worldwide. To date, Currencycloud has processed more than $75 billion in payments, and transferred payments to more than 180 countries around the world.
Operated by the Bank of Lithuania, CENTROlink enables payment service providers to send and receive SEPA credit transfer (SCT), and SEPA credit transfer instant (SCT Inst). Tuum’s connector with CENTROlink means we can support banks, credit unions, e-money or payment institutions in making pan-European transactions. Approximately 260 thousand payments, with a value exceeding €460 million, are made daily through the CENTROlink infrastructure.
Connector: LHV UK
Through our connector with LHV UK, clients benefit from access to Faster Payments UK, BACS Clearing, SEPA Credit Transfer Instant, SEPA Credit Transfer, and SWIFT, enabling payment transfers in a number of currencies. LHV UK is the founding member and leader in instant EUR payments, processing 8% of the total transactions in Europe.
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