According to the official announcement, this collaboration will deliver a comprehensive core system that integrates top-tier products and pricing features. Zafin’s solutions are relied upon by banks around the world, while 10x's core banking platform supports major financial institutions such as Chase UK and Westpac.
The announcement continues to state that modernising core banking systems presents significant challenges, with 70% of digital banking transformation projects exceeding their initial budgets, and 7% ending up costing more than twice the original estimates.
Zafin and 10x Banking address the risks and challenges associated with core system modernisation
Zafin's platform allows banks to upgrade their core systems in a gradual manner. By combining Zafin's advanced product and pricing features with 10x's seamless integration, banks can undertake smaller, less disruptive initiatives that provide immediate value.
This phased approach aims to reduce risk and help build stakeholder confidence by showcasing tangible progress and benefits early on.
Officials at 10x Banking, commented that where legacy technology once impeded innovation, banks and financial institutions can now modernise their core systems and enhance their customer experiences. By partnering, 10x Banking and Zafin bring together years of financial services expertise and proven technologies, simplifying the process and enabling banks to operate more flexibly, launch new products faster, and reduce costs.
