Through this collaboration, the two companies aim to offer banks, mutuals, and financial institutions around the world access to improved banking technology architecture and solutions.
10x Banking’s goal is to make banking easier and better for its customers, members, and the wider society by creating a strong network of partners. By collaborating with Constantinople, the company aims to help its members manage the complexities of banking infrastructure and operations, supporting institutions to focus on development and AI adoption.
By combining 10x Banking’s core technology with Constantinople’s banking solutions, the collaboration will accelerate digital transformation, integrate AI, and reduce cost-to-income ratios by 80% according to the companies. This will offer banks and mutuals cost-effective access to an optimised banking stack as an alternative to a more expensive in-house build.
Constantinople recently raised approximately USD 33.5 million in a Series A funding round backed by Square Peg Capital, Airtree and Prosus. Joining forces with 10x Banking enables the company to serve customers across APAC, including Great Southern Bank, a customer-owned bank.
The partnership reflects Constantinople’s ability to bring tier-1 banking solutions with an infrastructure powered by software to run operations and compliance effectively. It benefits from breed architecture and tech stack to power retail banks and SMEs, offering embedded banking solutions. The company also aims to integrate AI into every aspect of banking, accelerating delivery and engineering.
Financial institutions have long faced challenges with legacy core systems and complex business functions. Research commissioned by 10x Banking shows that 67% of bank executives believe that they are losing business opportunities due to the slow pace of digital transformation. However, only 8% of banks are focused on improving their core banking capabilities.
The two companies aim to make sure that banks can achieve their full potential and core transformation, enabling them to deliver greater value to their customers by focusing on product development and better customer experiences.
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