London: 29 July 2024 – 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.
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.”
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.”