• Core banking platform 10x Banking released its first “meta core” platform for banks.
• 10x Banking’s meta core will enable banks and financial services companies to accelerate their digital transformations.
• 10x Banking won Best of Show in its Finovate debut at FinovateEurope 2023.

Cloud-native core banking platform 10x Banking launched a new category of core banking technology today. The company’s new “meta core” is designed to help banks and financial services companies accelerate their digital transformations.

“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 Founder and CEO Antony Jenkins said. “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 Banking’s meta core enables banks and system integrators to focus development efforts exclusively on high-value code. By abstracting away common product elements, including the core ledger, the new platform empowers banks to create and maintain as little as 2,000 lines of code for a single customized banking product. This represents a reduction of up to 10x in code base compared to neo-code platforms. The difference is even bigger compared to legacy cores, where the reduction in code base can be as high as 10,000x.

Key to these efficiency gains is the firm’s development tool ProductKit, which is built on 10x Banking’s SuperCore technology. ProductKit features a set of pre-built modules which abstract away the complexity that comes with building deposit and lending products for retail, SME, and corporate banking customers. The platform also puts a premium on the developer experience. Developers can fully customize all of the pre-built modules at every level using any coding language. This helps teams quickly create highly customized banking solutions and experiences without excessive costs or extensive development resources.

“The ‘meta core’ provides banks with the best of all worlds,” Jenkins added, “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.”

London-based 10x Banking won Best of Show in its Finovate debut at FinovateEurope 2023. At the event, 10x Banking demoed its 10x SuperCore Cards solution, which enables banks to build a card proposition in minutes using its 10x Bank Manager interface. The technology empowers financial institutions to build and launch enterprise-grade, full stack functional card business solutions in as little as 12 weeks.

10x Banking began the year securing a $45 million investment in a round led by existing investors BlackRock and J.P. Morgan. The funding took the company’s total equity capital to $297 million, according to Crunchbase. Also in January, 10x Banking announced a partnership with mortgage origination platform Mast, enabling real-time connectivity between the two systems. 10x Banking includes challenger bank Chase UK, Westpac, and Old Mutual, the second largest financial services company in Africa, among its customers.

Photo by Viktor Forgacs on Unsplash

• U.K.-based core banking platform 10x Banking announced a strategic alliance agreement with Deloitte.
• As part of the agreement, 10x will build a series of Centres of Excellence in the U.S., U.K., and India to facilitate collaboration between the two firms.
• 10x Banking won Best of Show in its Finovate debut at FinovateEurope 2023.

SaaS core banking platform 10x Banking has inked a strategic alliance agreement with Deloitte. Effective in both the U.S. and the U.K., the agreement will power greater cooperation when it comes to helping financial institutions around the world access transformative technologies.

As part of the strategic alliance, the two firms will launch a series of 10x Centres of Excellence in the U.S., the U.K., and India. The centers will facilitate collaboration between 10x Banking and Deloitte, and should be fully-staffed with their initial 100-member teams by the end of the year.

Courtesy of the alliance, the 10x platform will also be fully integrated into BankingSuite from Converge by Deloitte. BankingSuite is a modern composable platform that enables banks to build new digital capabilities at pace. Introduced in 2022, Converge combines Deloitte’s software, industry expertise, and partner ecosystem to help Deloitte’s clients maximize the opportunities of digital transformation and emergent technologies. This collaboration, between 10x and Converge, will focus initially on serving credit unions, building societies, and mutual banks to help them fulfill their digital transformation goals faster and with less cost.

“By working with Deloitte, we will enable banks and mutuals across the U.S., U.K., and beyond to modernise their legacy tech and deliver financial products and services fit for the 21st century,” 10x Banking Founder, Chair, and CEO Antony Jenkins said. “With Deloitte’s global experience and our leading technological solutions, we have a strategy in place to enact widespread change in the pursuit of making banking ten times better.”

Founded in 2016 and headquartered in London, U.K., 10x Banking made its Finovate debut at FinovateEurope 2023. The company won Best of Show for its demo of its 10x Bank Manager, which offers a no-code interface to enable product teams to “build products, offerings, brands, and even enter new markets at speed,” as Product Marketing Manager Nicole Sanders explained at the conference. “Code less. Innovate more.”

10x Banking began 2024 partnering with mortgage origination platform Mast. The partnership will enable real-time connectivity between the two platforms, giving lenders streamlined data exchange and real-time mortgage servicing. Mast CEO Joy Abisaab said that working with 10x would “empower U.K. lenders to unlock new levels of operational efficiency and enable the delivery of exceptional customer experiences.”

10x Banking has raised $297 million in funding. The company includes JPMorgan Chase and BlackRock among its investors.

Photo by Ricky Esquivel