Tieto which is often called Tietoevery (previously known as TietoEnator) is a Scandinavian company based in Finland. The company offers diverse IT services including payment acquiring services. Besides, this is a top provider of payment software and technologies in its region. The company supporting digital innovative development and advanced solutions that should transform the world is also known globally.
The company was founded in 1968. However, it was a different company then, with different focus and priorities, therefore, it is better to consider the other date of its foundation. In 1999, Finnish Tieto and Swedish Enator merged to establish TietoEnator. In 2020, Tieto merged with Norwegian EVRY. As a result it took the leading position in the Scandinavian market.
The company operates in multiple sectors including the payment processing industry. Since payment processors are struggling with the obstacles entailed by high maintenance costs and lagging modernization, Tieto offers clients to seamlessly move critical functions to agile and highly-efficient solutions. With the full cycle management of payment issuing, acquiring, and clearing solutions, it is enough to use just one platform to cover the whole payment chain.
Why use Tieto
The Instant Payment Solution developed by Tieto helps to improve the service due to better security, data protection, high level of availability, and compliance. It was created on the basis of microservices architecture. This is a payment hub as it presents a unified payment platform supporting domestic, regional, and international payments.
The company is at the frontline of financial crimes prevention. It uses cutting-edge anomaly detection tools to detect suspicious activity. It fights financial crimes across all available channels, thus offering higher security and greater convenience to its clients. Tieto employs its own transaction monitoring system based on machine learning. Collecting data from different channels (biometric data, risk scoring from KYC, etc), the members of the team come up with the security solution to protect the customers of the service. NextGen solutions deliver easy integration with the related data sources, making security and card fraud prevention effective.
Since the digitalization of any service and industry is inevitable, the company offers payment processing that caters to the needs of any company or organization. The company offers card payment services to card acquirers, fintechs, merchants, payment service providers, and merchants. Merchants can enjoy a full service package with a comprehensive range of components or modules created to address certain challenges such as expansion of business. The payment schemes supported by the hub include SEPA direct debits, SEPA credit transfers, P27, Target2, and instant Payments, mentioned above. Based on business requirements, it is possible to select the model between a hosted cloud, SaaS, or on-premise solution delivery model.
Advantages of Tieto
The key benefits of using the service is its scalability that is achieved with open and flexible architecture. The system is easily configured, giving merchants the possibilities of constant growth. It is a great alternative for those who pursue a fast-growing market strategy. Other advantages of the system include:
- Real-time payment transactions
- Accessibility through open APIs
- Sticking to international standards, for instance, SWIFT, or ISO20022
- Interoperability achieved with API integration
All these factors taken together, help to contribute to the development of the innovative market service and its promotion on the market.