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10x Banking launches Meta Core

Monday 29 July 2024 11:57 CET | News

10x Banking has announced the launch of a new category of core technology, meta core, designed to help banks and financial services accelerate towards full transformation.  

 

According to the announcement, the news follows 10x Banking’s USD 45 million funding round in January 2024, led by existing investors BlackRock and J.P. Morgan. 


10x Banking supports Challenger Bank, Chase UK, Westpac and Africa's second-largest financial services company, Old Mutual, among others. 10x serves banks, mutuals, building societies, financial service providers, and strategic Banking-as-a-Service partners with banking products built on the 10x core platform, which are already in use by millions of customers worldwide. 

The meta core addresses the issues associated with legacy core systems and avoids the setup and scalability challenges faced by neo core systems, offering a safer and faster route to complete cloud-native transformation. 

10x Banking has announced the launch of a new category of core technology, meta core, designed to help banks and financial services accelerate towards full transformation.

 

Transforming core banking 

10x's new platform enables banks and system integrators to concentrate their development resources on high-value code by abstracting common product elements and the core ledger itself. Consequently, banks using the new 10x platform need to create and maintain as few as 2,000 lines of code for a single customised banking product. This represents up to a 10x reduction in the code base compared to neo core platforms and up to a 10,000x reduction compared to legacy core systems. 

This reduction is achieved through 10x's development tool, ProductKit, which is built on the company's proven SuperCore technology. ProductKit features a comprehensive set of pre-built modules that simplify the creation of deposit and lending products across retail, SME, and corporate banking sectors, eliminating unnecessary complexity. 

The announcement continues to state that developer experience and efficiency are at the heart of the new 10x Banking platform. A restrictive developer environment can slow down transformation. However, with the new 10x platform, developers have the flexibility to fully customise all 10x pre-built modules at every level using any coding language. This unique ‘polyglot’ coding environment allows banks to swiftly create highly customised banking products and exceptional customer experiences, without being limited by expensive or scarce development talent. 

Source: Link


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Keywords: banking, financial services, BaaS, cloud services, product launch
Categories: Banking & Fintech
Companies: 10x
Countries: World
This article is part of category

Banking & Fintech

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10x

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