Tribe Payments, an issuer/acquirer processor and payment technology provider, today announced that TradeCore, the full stack fintech platform, has selected it as its issuer processor.
The partnership means that Tribe Payments will be the issuer processor for card programmes delivered by TradeCore to its customers.
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TradeCore is a Banking-as-a-Service provider that enables fintechs to build next-generation banking and investment products. The TradeCore platform offers digital banking, card issuing, traditional and alternative investments, crypto and KYC/AML products to fintechs via standardised APIs to accelerate time to market, reduce compliance burden and lower capex costs.
False positives are a big problem for fintechs. Javelin Strategy and Research estimates that only one in five fraud predictions is correct meaning that fintechs that incorrectly decline transactions are losing out on revenue and frustrating their customers.
In addition to issuer processing, TradeCore’s customers will use Tribe’s authentication and fraud protection system which includes an advanced 3-D Secure protocol. The system will allow TradeCore’s customers to approve or deny transactions directly through custom spending rules. Many of TradeCore’s clients use multiple products such as digital banking and investments in addition to card issuing. The additional data based on the use of these services allows TradeCore and Tribe Payments to more accurately identify false positives and put fintechs in control of transaction authentication.
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“In the last 10 years we’ve seen fintechs drive real change in financial services, but card programmes have pretty much stood still. Despite cards being front and centre for many fintech propositions, most offerings are pretty basic,” said Stefan Pajkovic, CEO of TradeCore. “Our partnership with Tribe Payments will change this by allowing our fintech customers to break the legacy cycle. From Advanced Fraud Protection to Open Banking and Strong Customer Authentication, together we’re arming fintechs with the services and functions they need to outpace the market.”
“TradeCore provides a one-stop shop to build and launch new fintech businesses, reducing time-to-market from months and years to a matter of weeks. This isn’t just about technology, it’s about the ecosystem it offers,” said Alex Reddish, Chief Commercial Officer at Tribe Payments. “Through TradeCore’s ecosystem, fintechs can access the very best fintech products and services all via APIs to build card programmes that are not just multi-currency but multi-asset – with digital banking, investment and crypto functions. Working together, we can help fintechs deliver propositions that are truly dynamic and differentiated.”
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