„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. 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 company said.
10x Banking, the cloud-native core banking platform, 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” – according to the press release. The news follows 10x Banking’s $45 million funding round in January, led by existing investors BlackRock and J.P. Morgan.
Until now, financial institutions have had to choose between the speed offered by low-code configuration cores or the high-degree of customization available with framework cores.
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 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 company explained.
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.” – the company added.
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.”
Infographic showing the meta core: core transformation without compromise
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A core banking system is a centralized platform used by banks & financial institutions to manage their day-to-day operations, including customer accounts, transactions, loans, and deposits. Modern cores allow for seamless integration, realtime processing of transactions and the ability to launch innovative products quickly, helping banks provide a superior customer experience.
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.
2) 10x Banking commissioned a survey of 200 banking IT decision-makers, conducted by Vitreous World in June 2024.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
