Quirin Privatbank has selected Tuum as its new core banking platform — the central system that runs a bank's accounts, payments and day-to-day transactions — in a move the German bank says will make it the most modern private bank in the country.

Under the agreement, Quirin will run Tuum's Accounts, Deposits, Payments and Loans modules. The bank aims to open new client accounts within minutes, settle payments instantly — including SEPA Instant, the European scheme for settling euro payments in seconds — give its teams real-time access to transaction data, and produce regulatory reports considerably faster. Alongside the core migration, Quirin is also targeting investment execution within the hour.

"Real-time by default" is the standard Quirin is building toward. Sebastian Böttner, Chief Information Officer at Quirin Privatbank, said the upgrade follows from the reputation the bank has built on advice clients can trust.

"We built our reputation on giving clients advice they can trust, and our technology has to keep pace with that," Böttner said. "Our ambition is to run the most modern private bank in Germany, and that means real-time by default: payments that settle instantly, data we can see as it happens, accounts opened within minutes. With Tuum, we can bring new products to market much faster and respond more quickly to what our clients need."

Quirin charges its clients a flat, transparent fee rather than earning commissions on third-party products, a model it introduced to the German market. The bank has since grown that into a full private banking, wealth management and corporate finance business, alongside quirion, its digital wealth subsidiary.

Tuum will sit at the center of a wider rebuild of Quirin's technology stack. Rather than running as a standalone system, it will be integrated with the bank's other platforms so that data moves between them as it is created. Tuum's cloud-native, API-first architecture is what allows that, and it leaves Quirin free to add or replace individual components later without disturbing anything else.

The timing is deliberate. Germany's Altersvorsorgedepot, the state-subsidized retirement investment account replacing the Riester pension, launches on January 1, 2027, and no certified products can be offered before that date. Quirin expects a substantial inflow of investment clients as the scheme opens, many of them investing for the first time. Reliability under that volume, and how quickly a new client can be brought on board, are what those clients will judge the bank on. With the launch date fixed and no certified products able to reach investors before it, progress on the migration — and on certification of products for the new account — is the timeline to watch as 2027 approaches.

James Bushby, Chief Revenue Officer at Tuum, said the choices German banks make today on core infrastructure will shape what they can offer for the next decade.

"Germany has one of the most established private banking markets in Europe, with a lot of long-standing names competing for the same clients," Bushby said. "The decisions being made now on whether they should modernize their core banking infrastructure will determine what these banks can sell for the next decade. Quirin moved early. Implementing Tuum's core banking platform means their team will be able to enhance or even launch a new product when they see the opportunity, instead of waiting for a vendor's roadmap to catch up."

Source: Globalfintechseries