11:FS Foundrys launch brings digital to banks

Monday 15 October 2018 14:23 CET | News

Consultancy company 11:FS has launched 11:FS Foundry, an approach to delivering digital banking services through a modular core banking architecture.

It kicks off with the partnership with DNB, Norway’s financial services group, which has also become an investment partner.

DNB has invested GBP 3 million for a 5% stake in 11:FS Foundry. This investment represents the long-term commitment between 11:FS and DNB to change how banks deliver digital banking services, the two companies say.

11:FS Foundry aims to bring digital, personalised services and experiences to market far faster than traditional methods. It uses cloud-based technology and a modular approach, allowing customers to deploy an entire banking stack, or select services, depending on their strategy.

It also claims to improve service development efficiency and deliver a lower total cost of ownership for digital services. It also claims to offer a higher level of IT security, based on a “zero-trust security” model, built to be encrypted and GDPR compliant.

Banks that have already invested in banking systems, or cannot easily build on their underlying infrastructure can also use 11:FS Foundry to launch new digital offerings in a gradual and modular way, 11:FS adds.

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Keywords: 11:FS, Foundry, digital, banks, DNB, digital banking
Countries: World