Following this announcement, the companies will focus on offering banks and alternative lenders a secure, modern, and composable banking proposition in order to improve the manner in which they provide working capital to small and medium-sized enterprises (SMEs).
The collaboration is set to expand 10x Banking’s commercial banking offerings and to develop Trade Ledger’s strategy to connect with major modern and legacy core banking systems. In addition, it will also focus on the overall development of the global banking industry.
By automating integration between credit applications and account creation processes, the companies aim to allow banks to deliver an optimised customer experience, while also driving operational security and efficiency.
The new service is expected to give banks the possibility to deliver complex working capital products, such as receivables, supply chain finance, or invoices to market in a faster way. Through the use of a real-time API connection between Trade Ledge’s data platform and the 10x Banking’s SuperCore platform, the credit applications that were approved can be automatically linked to the design of a 10x customer account. Trade Ledger is set to manage the loan application, risk collateral, and risk assessment management procedures, while 10x will manage account opening and the overall credit account life cycle.
By leveraging its expertise in lending automation and portfolio management, Trade Ledger’s platform is set to capture and process the data of the clients, while also enabling a quicker and more accurate assessment of credit applications. After automating the procedures, Trade Ledger will allow FIs to accelerate loan origination and optimise risk management, aiming to improve the operational efficiency and meet the needs of users. 10x Banking’s recent partnerships and developments
Cloud-native SaaS core banking platform 10x Banking had multiple collaborations and launches in the last couple of months, covering several different geographic areas around the world.
In November 2023, 10x Banking announced its partnership with Ozone API in order to simplify the process of delivery of Open Banking APIs for banks and financial institutions around the world. The integration of 10x Banking’s platform with Ozone API gave FIs the possibility to combine real-time banking functionalities and capabilities with straightforward solutions that addressed the intricacies of Open Banking.
According to the press release published at the time, Ozone API was set to offer an improved way to reduce internal complexity and development resources for banks and partners.
Earlier in February of 2023, 10X Banking announced its partnership with UK-based issuer-processor Paymentology in order to provide pre-integrated credit and debit card issuing and processing. 10x Banking was set to offer its enterprise-grade core platform, SuperCore, in order to enable banks and enterprises with the possibility to deliver products, services, and overall improved customer experiences at speed and reduced costs.
In addition, by combining its suite of solution with Paymentology’s expertise and technology (such as the issuing and processing tools for physical and virtual cards on the Visa and Mastercard networks, or its multiple domestic switches), both firms focused on allowing banks to deploy credit and debit cards faster and more efficiently.
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