10x Banking has announced the launch of a new category of core technology, a ‘meta core’ designed to help banks and financial services accelerate towards full transformation.
10x Banking already powers one of the UK’s fastest-growing challenger bank Chase UK, Westpac, and Africa’s second-largest financial services company, Old Mutual. 10x currently 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.
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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.
The news follows 10x Banking’s $45m funding round in January, led by existing investors BlackRock and J.P. Morgan
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.
“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 to focus development resources 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 2,000 lines of code for a single customised 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.
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