CrediNord, on a mission to reinvent business lending in Europe, identified the need for a modern core banking system to support their objectives. Tuum was selected for its agility and flexibility, enabling CrediNord to rapidly launch new products and expand into new markets.
The Challenge
“The innovator of the loan market”; CrediNord was established in 2019 as an answer to the woes that tend to plague the business loan sector, namely:
- slow processing times
- cumbersome application processes.
Owing to regulatory changes and new market demands, the company needed to better automate their processes and efficiently modify loan terms as required, capabilities which were inhibited by their previous legacy system.
CrediNord’s streamlined loan experience had already put it on the map, making it stand out amongst the competition back in 2019. With its sights set on new markets and fresh innovations, CrediNord sought out a modern, API-first core banking platform which would empower them with the flexibility and scalability needed to pursue its goals.
To continue to push the envelope in SME lending, we needed a core banking system that enables us to innovate and scale at pace. Tuum has both the technology and the know-how to help us to achieve our business goals.
Founder of CrediNord
The Solution
Tuum was selected from a pool of global competition as the core banking platform to support CrediNord’s change management requirements and growth objectives. As there was an existing customer base, a migration strategy was designed and executed to bring CrediNord’s customers to the new platform following successful staging and beta phases.
With the selected modules, CrediNord can now:
- Effectively store, analyse, and manage customer contracts and data
- Set up and configure different account types in different currencies
- Flexibly manage the entire loan lifecycle; incl. automation of incoming and outgoing payments
- Have a real-time overview of all financials
- Conveniently handle all processes through an intuitive UI.
Tuum’s capabilities enable CrediNord to scale as needed; with a refined strategy and a new core banking system in place, CrediNord aims to be a key European SME lender in the embedded finance space.
Learn more about Tuum’s Lending Module
The Future of Finance
Business Loan Innovator
Business loans have a reputation for expensive fees and inflexible terms, pain points which CrediNord has acutely honed in on. Thanks to Tuum’s configurability, CrediNord is now able to better accommodate their customers’ needs by rapidly developing and launching new products and making adjustments to contracts and terms as needed.
Merchant Lending Made Simple
CrediNord has successfully rolled out its latest merchant lending product whereby 5 to 20% of every payment made through the merchant’s payment terminal will go towards paying back their business loan. This process makes loan repayment much more streamlined for merchants, and is a capitalisation upon the trend towards corporate lending based on turnover.