10x Banking, the cloud-native core banking platform, has launched a new ‘meta core’ designed to help banks and financial services accelerate towards full transformation.
10x Banking, which already powers the UK’s fastest-growing challenger bank Chase UK, explained that the meta core solves the challenges of legacy cores and avoids the complex set-up and scale challenges of neo cores, providing an accelerated path to full cloud-native transformation.
10x Banking also powers Westpac, and Africa’s second-largest financial services company, Old Mutual. The core banking platform provider supports banks, mutuals, building societies, financial service providers and strategic banking-as-a-service partners, with banking products built on the 10x core platform live in the market serving millions of end-customers around the world.
Antony Jenkins, founder, chair and CEO of 10x Banking
Antony Jenkins, founder and CEO of 10x Banking, commented: “10 years ago banks knew they had to go on a journey of transformation. Good progress has been made in some areas but one of the challenges that has emerged is that even the newer technologies come with their own set of problems.
“The ‘meta core’ provides banks with the best of all worlds: flexibility on the one hand and unlimited scalability on the other hand. The benefits are much faster speed to market, enterprise-grade security, the ability to unlock data for AI, and a lower cost base. Neo cores have created part of the solution, but we have taken it to the next level.
“From my experience, running a bank is all about managing risks, and we’ve designed our meta core to specifically remove the key risks that banks face when upgrading their core. 10x Banking is the first company in the world to offer a ‘meta core’, which for the first time gives banks a clear roadmap to full transformation.”
The news follows 10x Banking’s $45million funding round in January, led by investors BlackRock and JP Morgan.
Reducing ‘complexity, cost and risk’
10x’s new platform only requires a bank to create and maintain as little as 2,000 lines of code for a single customised banking product – up to a 1000 per cent reduction in code base compared to neo core platforms and up to a 10,000 times reduction compared to legacy cores.
The 10x platform achieves this exponential reduction through its development tool ‘ProductKit’, which includes a rich set of pre-built modules to remove the unnecessary complexity of building deposit and lending products across retail, SME and corporate banking sectors.
While a restrictive developer environment can drastically hinder transformation speed, 10x’s new platform offers developers the freedom to fully customise all 10x pre-built modules using any coding language. This ‘polyglot’ coding environment means banks can create highly customised banking products and exceptional customer experiences quickly, without being restricted to costly or scarce development talent.
Jenkins added: “With our meta core, banks and financial services businesses can launch new banking products quickly without incurring outsized complexity, cost and risk. The new 10x platform is going to result in a lower cost to serve and a rapid tide of innovation, accelerating full transformation. That’s great news for banking customers and communities because it helps the banking industry respond quickly to changing customer needs with exciting new products and services – an important part of our mission here at 10x Banking.”
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