The collaboration will see Tribe Payments take a key role in the card programmes delivered by TradeCore to its customers.
Stefan Pajkovic, CEO of TradeCore commented: “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.
“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 is a Banking-as-a-Service provider that seeks to enable fintechs to build next-generation banking and investment products.
Alex Reddish, Chief Commercial Officer at Tribe Payments added: “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.
“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.”
It comes as false positives remain a prevalent problem for fintechs, with Javelin Strategy and Research estimating that 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.
Expert Analysis: This collaboration is undoubtedly well-positioned to help the status of fintechs within the financial sector, placing a heightened focus on altering the Fraud Protection to Open Banking and Strong Customer Authentication.