Following this announcement, the collaboration between the companies will enable real-time connectivity between their systems. Alongside the strategic deal, an API integration guide on 10x Docs was also released, which provided UK mortgage lenders with a quick, simple, and secure integration path. The guide was developed in order to deliver various integration scenarios specific to the UK mortgage market, such as product design, creation, and account onboarding processes.
As the financial landscape is changing and developing, both financial institutions aim to meet the needs, preferences, and demands of their customers while also remaining compliant with the requirements and laws of the local industry. Using this integration, lenders will be given the possibility to benefit from streamlined data exchange, which will enable real-time mortgage services that remove the need for any manual re-keying of data between the systems.
At the same time, the partnership is set to enable US lenders to reach an optimised level of operational efficiency and allow the overall delivery of improved customer experience. Both 10x and Mast will focus on the process of developing the local financial landscape, and the mortgage and building societies markets as well. In addition, the customer-facing strategy will optimise the mortgage lifecycle by leveraging cloud-native tools, as well as providing new growth opportunities for clients and users.
Cloud-native SaaS core banking platform 10x Banking had multiple partnerships and product launches in the last couple of months, covering multiple geographic areas around the world.
In November 2023, Trade Ledger announced its collaboration with 10x Banking in order to optimise commercial lending with secure and comprehensive account design and lending services. Throughout this collaboration, the firms focused on offering banks and alternative lenders a secure, modern, and composable banking proposition to improve the way in which they offer capital to small and medium-sized enterprises (SMEs).
According to the press release published at the time, the strategic deal was set to expand 10x Banking’s commercial banking capabilities and to develop Trade Ledger’s strategy in order to connect with major modern and legacy core banking systems. At the same time, the companies focused on the overall growth of the global banking industry.
Earlier in the same month, 10x Banking announced its collaboration with Ozone API in order to simplify the delivery of Open Banking APIs for financial institutions and banks. Through this strategic deal, the firms aimed to streamline the implementation of Open Banking APIs for financial institutions on a global scale.
The integration of the 10x platform with Ozone API gave banks the possibility to combine real-time banking functionalities with a straightforward and secure solution that addressed the intricacies of Open Banking.
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