NextGen IT company Trifork and modular core banking technology provider Tuum have entered into a partnership to provide a bespoke card and financing platform to the Danish bank Sparxpres, part of Spar Nord. The agreement covers the creation of the platform and five years of subsequent development and operational support.
Sparxpres offers competitive digital financing and credit solutions for private customers, as well as gift card solutions for local councils and nationwide retail chains. In 2022, Sparxpres facilitated more than 1.4 million transactions for 98 partners at 6,500 locations across 120 Danish cities. The new platform, which is being built by Trifork, using Tuum’s card and lending modules and in close cooperation with Nets and Visa, provides Sparxpres with future-proof core systems that enable new products to be easily introduced.
Ole Andreasen, CEO of Sparxpres commented: “Trifork was selected based on its success in developing complex systems for the financial sector, and because of our shared track record of developing innovative projects together. With the new solution, we will have an updated and future-proof platform for our card and finance products, while at the same time we will be able to develop and offer innovative products to new customer groups independently,“
Tuum and Trifork have an integration partnership since July 2021 to strengthen both parties’ banking and fintech offerings. Trifork has been developing and building innovative digital solutions and platforms for the financial sector in Europe for over 15 years, based on next-gen technologies that can be integrated with legacy systems. Tuum’s SaaS core banking solution is cloud-agnostic and allows financial service providers to quickly roll out new financial products and services, enabling them to better address the needs of their customers.
Jesper Mygind, Vice President at Trifork commented: “We are very pleased with the confidence Sparxpres has shown in choosing us to develop their main IT system. With a card and loan platform based on Tuum’s modular banking platform and integrated with Visa and Nets, Trifork stands with a concept that will be attractive for all banks that want to modernise and future-proof their card platform,”
Julien Douve, Global Head of Alliances & Partnerships at Tuum commented: “We are very excited to help Sparxpres introduce a whole new set of products to the market on a single, modern platform. Using Tuum’s SaaS core banking solution, coupled with Trifork’s expertise in building cutting edge fintech propositions, Sparxpres will be able to launch unique financial products and services faster than ever.”
With the new platform, Sparxpres will be able to provide both credit and gift card solutions, together with prepaid payment cards that can be restricted to specific purposes. This opens up the possibility for customers such as public authorities to issue payment cards for specific purposes to ensure that the card is only used for the purpose for which it was issued. In addition, cards can be delivered to a wallet, which is where the future lies for this type of product.