London: 5th December 2024 – 10x Banking, the cloud-native meta core banking platform, today announced it has joined the Banking Industry Architecture Network (BIAN), a non-profit standards organization focused on establishing, promoting, and providing a common architectural framework across the banking industry. Established in 2008, BIAN’s ecosystem is formed by banks, technology vendors and consultancies who combine their industry expertise to define a usable banking technology framework to simplify banking architecture and overcome interoperability issues across the entire financial services industry. It has attracted 120 members including HSBC, Wells Fargo, IBM, and Salesforce, with its model being adopted by banks and fintechs across the globe.
10x Banking and BIAN will benefit from a combined focus on helping banks build and scale hyper-personalized products at high-speed and low-cost.
Earlier this year, 10x Banking launched its next generation of core banking technology—the world’s first ‘meta core’. This cloud-native core banking platform gives banks the freedom to bring innovative new products, features and personalized services to their customers with unprecedented speed, scale and security. And for the first time, 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.
Commenting on the announcement, Hans Tesselaar, Executive Director at BIAN, said: “10x Banking was created to deal with the issues caused by an overload of core banking functionality in most of the installed solutions, which is why they have had so much success over the last several years. This is an issue that has continued to plague the industry for many years, and 10x Banking has built a platform that has made a significant difference to banks across the globe.”
Okan Ozaltin, Chief Product Officer at 10x Banking, commented: “At 10x, we firmly understand the importance of collaboration within the Financial Services sector, and we look forward to working closely with BIAN and its members to solve the issues impacting our industry the most.”