10x Banking Launches World’s First ‘Meta Core’ to Help Banks Achieve Full Transformation Faster
29 July 2024 - 9:00AM
Business Wire
- 10x Banking unveils the world’s first ‘meta core’ platform for
banks – a fast, straight-forward and derisked path to full
transformation
10x Banking, the cloud-native core banking platform, has today
announced the launch of a new category of core technology – a ‘meta
core’ designed to help banks and financial services accelerate
towards full transformation. The news follows 10x Banking’s $45
million funding round in January, led by existing investors
BlackRock and J.P. Morgan.
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the full release here:
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10x Banking infographic showing the meta
core - a new category of core banking technology (Graphic: Business
Wire)
10x Banking already powers the UK’s fastest-growing challenger
bank Chase UK, Westpac, and Africa’s second largest financial
services company, Old Mutual, among others. 10x currently supports
banks, mutuals, building societies, financial service providers and
strategic banking-as-a-service partners, with innovative banking
products built on the 10x core platform live in the market serving
millions of end-customers around the world.
A meta core solves the challenges of legacy cores and avoids the
complex set-up and scale challenges of neo cores, providing a
de-risked, accelerated path to full cloud-native
transformation.
Antony Jenkins, 10x Banking founder and CEO, said, “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.”
Jenkins added, “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.”
10x’s new platform allows banks and system integrators for the
first time to focus development resource only on high-value code by
abstracting away common product elements as well as the core ledger
itself. As a result, the new 10x platform only requires a bank to
create and maintain as little as 2,000 lines of code for a single
customized banking product – up to a 10x reduction in code base
compared to neo core platforms and up to a 10,000x reduction
compared to legacy cores.
The 10x platform achieves this exponential reduction through its
ground-breaking development tool ProductKit, built on 10x’s proven
SuperCore technology.
ProductKit includes a rich set of pre-built modules which
abstract away all the unnecessary complexity of building deposit
and lending products across retail, SME and corporate banking
sectors.
Developer experience and efficiency are central to the new 10x
Banking platform offering. A restrictive developer environment
drastically hinders transformation speed. With the new 10x
platform, developers have the freedom to fully-customize all 10x
pre-built modules at every level using any coding language. This
unique ‘polyglot’ coding environment means banks can create highly
customized banking products and exceptional customer experiences
quickly, without being restricted to costly or scarce development
talent.
Antony Jenkins, CEO and founder of 10x Banking, 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.”
Editors Notes
About 10x Banking:
https://10xbanking.com
10x Banking is a cloud-native core banking platform for
financial institutions and their partners. Founded by former
banking executives and built by technologists, the 10x Banking
platform empowers its customers with best-in-class security,
scalability and speed.
Proven across transformational deployments including Chase Bank,
Old Mutual and Westpac, 10x Banking offers banks the fastest, most
cost-effective and derisked path to full cloud-native
transformation through its unique ‘meta core’ approach. Its
scalable, resilient, and flexible technology is built to empower
financial institutions to better serve their customers and
communities. 10x Banking is a B-Corp certified business with
offices in London, UK and Sydney, Australia and is funded by a
portfolio of world-class investors including BlackRock and J.P.
Morgan.
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