The latest in our Deep Dive series, which includes explorations of Tuum’s lending and payments modules, involves an in-depth look into the capabilities of our cards module.
The payment card industry has undergone rapid development over the past few years, with the global pandemic causing a surge in the amount of financial institutions (including e-money institutions (EMIs), payment institutions (PIs), and digital banks) supporting the move away from physical cash to contactless and digital cards.
Read on: Comparing modern card issuing with legacy systems
Tuum’s cards module
At Tuum, we are empowering the latest generation of payment card innovators via our flexible card module, which supports credit, debit, and prepaid card issuing.
Additionally, Tuum is engaged in a strategic partnership with Nets, one of the leading players in the payment card sector. Through this partnership, we are able to offer a complete end-to-end card issuing and processing solution.
Below we have highlighted some of the defining features of our cards 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.
Physical & virtual cards
Our card module allows for the development and configuration of both physical and virtual payment cards, issued via a convenient no-code offering. With the Tuum platform, you can add your own branding to both physical and virtual cards, and have complete control over where and how these cards will be used.
Integrations with major card networks, such as Mastercard and Visa, enable the rapid launch of card offerings – in the case of virtual cards, the issuing process can be instant. Following this, you can manage the entire lifecycle of your payment cards – activation, expiration, suspension, termination, etc.
Finally, you can access and view card portfolio data in real-time, generating meaningful and actionable insights.
With our card module, you gain the ability to define and customise your price lists as needed.
We provide a great deal of flexibility, whereby different combinations can be used to define the price for each transaction type separately, including volume based charging. This functionality allows you to easily create new campaigns, as new price lists or prices based on campaign offers can be rolled out for certain periods. Price lists can be customised without the need for assistance from the system provider.
Encryption & PAN tokenisation
The Tuum card module has been developed to ensure sensitive card and transaction information is protected. To do so, we encrypt sensitive customer data within the platform and utilise tokenisation for payment flow security.
With tokenisation, the primary account number (PAN) is replaced with a string of randomly generated characters called a token. By replacing identifying data with a token, the chance that sensitive data will be intercepted or exposed is minimised.
Our partner for issuing and processing, Nets, is fully PCI DSS compliant. By using an already-certified issuing platform, the time to market is significantly reduced.
Revolving credit facility
Using our card module, card providers also have the ability to set up revolving credit facilities; an open-ended credit account (credit card) that can be used and paid down repeatedly as long as the account remains open.
You, as the provider, have full control over the parameters such as credit limit, interest rates (including transaction-type-based interest rates), minimum payments, grace periods, etc. This function is also supported by the Tuum platform’s lending and debt management modules.
Want to learn more? Contact us for a demo