Cloud-native core banking platform 10x Banking launched a new category of core banking technology today. The company’s new “meta core” is designed to help banks and financial services companies accelerate their digital transformations.
“From my experience, running a bank is all about managing risks, and we’ve designed our meta core to specifically remove the key risks that banks face when upgrading their core,” 10x Banking Founder and CEO Antony Jenkins said. “10x Banking is the first company in the world to offer a ‘meta core,’ which for the first time gives banks a clear roadmap to full transformation.”
10x Banking’s meta core enables banks and system integrators to focus development efforts exclusively on high-value code. By abstracting away common product elements, including the core ledger, the new platform empowers banks to create and maintain as little as 2,000 lines of code for a single customized banking product. This represents a reduction of up to 10x in code base compared to neo-code platforms. The difference is even bigger compared to legacy cores, where the reduction in code base can be as high as 10,000x.
Key to these efficiency gains is the firm’s development tool ProductKit, which is built on 10x Banking’s SuperCore technology. ProductKit features a set of pre-built modules which abstract away the complexity that comes with building deposit and lending products for retail, SME, and corporate banking customers. The platform also puts a premium on the developer experience. Developers can fully customize all of the pre-built modules at every level using any coding language. This helps teams quickly create highly customized banking solutions and experiences without excessive costs or extensive development resources.
“The ‘meta core’ provides banks with the best of all worlds,” Jenkins added, “flexibility on the one hand and unlimited scalability on the other hand. The benefits are much faster speed to market, enterprise-grade security, the ability to unlock data for AI, and a lower cost base.”
London-based 10x Banking won Best of Show in its Finovate debut at FinovateEurope 2023. At the event, 10x Banking demoed its 10x SuperCore Cards solution, which enables banks to build a card proposition in minutes using its 10x Bank Manager interface. The technology empowers financial institutions to build and launch enterprise-grade, full stack functional card business solutions in as little as 12 weeks.
10x Banking began the year securing a $45 million investment in a round led by existing investors BlackRock and J.P. Morgan. The funding took the company’s total equity capital to $297 million, according to Crunchbase. Also in January, 10x Banking announced a partnership with mortgage origination platform Mast, enabling real-time connectivity between the two systems. 10x Banking includes challenger bank Chase UK, Westpac, and Old Mutual, the second largest financial services company in Africa, among its customers.
Photo by Viktor Forgacs on Unsplash
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Conclusion
When it comes to revolutionizing core banking technology, 10x Banking is leading the way with its groundbreaking meta core platform. By offering a solution that reduces code base significantly and empowers developers to create highly customized banking products efficiently, 10x Banking is setting a new standard for digital transformation in the financial industry.
The recognition and success of 10x Banking, such as winning Best of Show at FinovateEurope 2023 and securing significant investments, demonstrate the value and potential of their meta core technology. As more banks and financial institutions look to accelerate their digital transformations, solutions like 10x Banking’s meta core will play a crucial role in shaping the future of banking.
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