Following this announcement, officials of 10x are allegedly exploring a sale of the banking technology business, as the board of the firm has been working with advisers on discussions with potential buyers in recent months.
10x was developed in order to provide banks with improved core banking services that are delivered through a comprehensive cloud native SaaS bank operating system. At the same time, it was also established to sell the Banking-as-a-Service (BaaS) technology to major international banks that are currently looking to improve their overall digital services to clients and partners.
The premise for launching the company was allegedly set on the fact that lenders transition away from branch networks, a process that also delivers poor results for clients, users, and shareholders.
Earlier this year, 10x Banking announced its partnership with DLT Apps in order to optimise banking digital transformation. The collaboration was set on offering a fast and convenient migration journey from legacy and non-legacy systems onto 10x, a company that prioritises data integrity and quality with the use of DLT Apps’ TerraAi. Furthermore, by combining the capabilities of the 10x Banking platform with TerraAi's data transformation and AI-powered migration tools, banks were enabled to optimise the manner in which they address modern data migrations.
At the end of 2024, 10x Banking announced its partnership with Alloy in order to improve customer onboarding. The strategic deal had a focus set on developing an advanced system for client onboarding, continuous KYC and KYB monitoring, as well as credit decisioning. In addition, it also prioritised the process of offering financial institutions around the world a more efficient way to manage identity risk and compliance through the overall customer lifecycle.
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