UK FinTech Tred has teamed with B2B payments firm Nium to be the card-issuer for its new sustainable green debit card.
Founded in 2019, Tred is a pre-commercial mobile banking platform that uses its customers’ spending to track, reduce and offset their environmental impact.
According to Tred, this will be the UK’s first green debit card that allows users to track, reduce and offset their carbon footprint as they spend, as well as planting trees with profits.
The partnership will enable Nium to provide Tred with a UK-issued consumer bank identification number with a GBP settlement as well as looking after the processing and e-wallet services. Tred card users will be able to use Nium’s solutions to make secure in-store or online payments.
Tred card users will also have to opt-in to receive the physical card made out of recycled plastic, with all users receiving a virtual card – for e-wallet payments – by default. The cards are expected to be launched later this year.
The card-issuance service offered by Nium will aim to target UK-based customers, with Tred aiming to add reward programs and benefits centred around socially and ecologically conscious causes.
In addition to the partnership, Nium has committed to donating a percentage of the interchange fee to Tred’s tree planting program.
Tred claims its waiting list for the sustainable cards have seen 122% growth since the start of the year, with the company recently raising £1m from over 1000 investors from a recent crowdfunding round.
Tred co-founder Will Smith said, “We’re really excited about the launch of our green debit cards, powered by Nium. This was the natural next step in our journey, following the success of our crowdfunding campaign last month, which hit its target from pre-registered supporters in just 90 minutes. We’re looking forward to getting Tred cards in users’ hands later this year.”
Nium CRO Frederick Crosby added, “At our core, Nium’s mission is to enable businesses to meet their needs and goals through employing financial technology. We are so happy and proud to join Tred on a mission to help people spend and live more sustainably through offsetting their carbon footprint with virtual financial services. This partnership will bolster Tred’s vision to be the platform that brings managing money and lowering our impact on the planet, effortlessly in one place.”
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![Temenos (SIX: TEMN) today announced that National Bank of Iraq (NBI), part of the Capital Bank Group, has successfully gone live with Temenos core banking and payments. NBI, which has 27 branches across Iraq, offers a comprehensive range of services to individuals and businesses in the country. Since 2005, NBI has been majority owned by Capital Bank, one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion[1]. With this implementation, NBI moved from its legacy systems onto the same core banking platform as other entities in the Capital Bank Group. This will enable NBI to operate more efficiently and integrate seamlessly with other systems to develop new products faster and deliver an improved customer experience. Capital Bank Group is a long-standing Temenos customer with other entities in the Group including Capital Bank of Jordan, Bank Audi, Société Générale Bank Jordan and NBI Saudi Arabia, already on the Temenos platform. NBI also becomes the first part of the group to adopt Temenos Payments, which enabled the bank to process more than 100,000 transactions of incoming and outgoing domestic and international payments in the first 15 days of operation, with a 99% straight-through processing rate. The migration to the Temenos platform for core banking and payments at NBI was completed in under 12 months thanks to Temenos’ pre-configured banking and payments capabilities and APIs which reduced the need for complex customizations, as well as close collaboration between Temenos, NBI, Capital Bank and delivery partner ITSS. This success was recently recognized in the IBS Intelligence Innovation Awards, with Capital Bank winning ‘Best Implementation of Core Banking Services'. The implementation at NBI follows several other successful transformation projects with Temenos for Capital Bank in the last few years, including the launch of NBI’s branch operations in Saudi Arabia in just 45 days, as well as the integration of Bank Audi and the former Jordanian operations of Société Générale, each of which was achieved in under four months. Collectively, these projects helped Capital Bank to increase operational efficiency by more than 50% within three years, bringing significant cost savings and an improved customer experience. With faster, more accurate processing and immediate service requests, the bank has maintained high customer retention rates and a reputation for service excellence. Izzidin Abusalameh, Chief Operations Officer, Capital Bank Group, commented: “This achievement marks a significant milestone in our digital transformation journey and positions us as a leading player in the banking industry. We have seamlessly transitioned the National Bank of Iraq to a cutting-edge core banking system which will not only enhance operational efficiency but also support providing our customers with a superior digital banking experience. Our continued partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.” Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said: “Congratulations to National Bank of Iraq and the Capital Bank team on this successful implementation that gives NBI business agility and the same modern technology platform and ability to deploy fast with pre-configured banking capabilities as the rest of the group. With Temenos, Capital Bank Group is future-ready, and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”](https://fintech.global/wp-content/uploads/2024/04/rupixen-Q59HmzK38eQ-unsplash-2-218x150.jpg "Flutterwave teams up with Acquired.com to streamline outward remittances in EU and UK")
