London, 30 September 2021: Chase has partnered with 10x Banking, the UK-based cloud-native banking technology business, to create a modern technology platform that has powered Chase’s entry into the UK retail banking market.
Over the past two years, 10x and Chase have worked together to build a digital banking platform capable of delivering a seamless customer experience and differentiated product features. The platform provides a scalable architecture from which to build a wide range of banking products in the future as Chase develops its retail banking proposition for UK customers.
Chase chose 10x based on its modern scalable platform built on micro-services and accessible via APIs. 10x also helped develop Chase’s ledger infrastructure.
Antony Jenkins, CEO and founder of 10x Banking, said: “At 10x we are passionate about transforming banking. Chase’s entry into the UK retail banking market represents a significant moment for customers and the industry. We’re pleased to work jointly with Chase to deliver the modern and scalable banking platform that will help it realise its ambitions of becoming a major force in retail consumer banking.”
Sanjiv Somani, Chief Operating Officer at International Consumer, JPMorgan Chase’s retail consumer banking arm outside of the US, commented: “As one of our foundational partners, 10x has been instrumental in building the technology platform. We chose 10x because we needed a modern scalable core banking platform built on micro-services and accessible via APIs, in order to drive rapid product development and to provide our customers with a world class experience. This collaboration ensures we have the right technology in place to meet changing customer needs now and into the future.”
ENDS
About 10x Banking
10x Banking (10x) is a London-based financial technology company with a mission to move banks from monolithic to next-generation core banking solutions delivered through the world’s most comprehensive and powerful cloud native SaaS bank operating system.
With its secure, reliable, scalable and modular core banking platform, 10x supports highly customisable product behaviours and accounting rules, integrates with banks’ wider technology estates and harmonises with local and regional compliance and regulatory requirements. 10x enables banks to deliver products, services and customer experiences to retail and SME customers faster and more cost effectively.
10x was founded in 2016 by Antony Jenkins, former Group CEO of Barclays.
About Chase in the U.K.
Chase is the consumer and commercial banking business of JPMorgan Chase & Co (NYSE: JPM), a leading global financial services firm with assets of $3.7 trillion and operations worldwide.
Headquartered in Canary Wharf, London, the new U.K. service is designed specifically to meet the needs of customers in the country. It will provide a range of banking products and features – starting with a current account. In the U.K., Chase is a trading name of J.P. Morgan Europe Limited. J.P. Morgan Europe Limited is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority. For more information, go to chase.co.uk.