Singapore’s newest addition to the banking industry, Trust Bank, has partnered with global financial technology company, FIS, to enhance its payment offerings for its customers. The digital-only bank will be using FIS’ Open Payments Framework to manage all payment transactions, from traditional payments to real-time transactions.
According to FIS, its cloud-based solution will bring added safety and speed to Trust Bank’s customers and enable the bank to handle increasing payment volumes as it expands its operations. Tarun Punjabi, Product Lead at Trust Bank, stated that the FIS solution would provide a seamless digital experience for the bank’s customers and help process payments efficiently.
Trust Bank was established in September of 2021 and has already established a significant customer base of over 400,000 individuals. The bank offers a range of financial services, including savings accounts, a credit card, and family personal accident insurance, all powered by Thought Machine’s Vault Core solution. With more than six million transactions processed in 2022, Trust Bank has quickly established itself as a formidable player in Singapore’s banking sector.
The bank is backed by a partnership between Standard Chartered Bank and FairPrice Group, and its success showcases the potential for digital-only banks to offer cutting-edge financial services to customers.
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