10x Banking launches ‘Meta Core’ technology

By Gloria Methri

10x Banking has launched a new category of core technology – a ‘meta core’ designed to help banks and financial services accelerate their transformation journey. The news follows 10x Banking’s $45 million funding round in January, led by existing investors BlackRock and J.P. Morgan.

10x Banking already powers challenger bank Chase UK, Westpac, and Africa’s second-largest financial services company, Old Mutual, among others. 10x currently supports banks, mutuals, building societies, financial service providers and strategic banking-as-a-service partners with innovative banking products built on its core platform.

A meta-core solves the challenges of legacy cores. It avoids the complex set-up and scale challenges of neo cores, providing a de-risked, accelerated path to full cloud-native transformation.

Antony Jenkins, 10x Banking founder and CEO, said, “The ‘meta core’ provides banks with the best of both worlds: flexibility on the one hand and unlimited scalability on the other. The benefits are a much faster speed to market, enterprise-grade security, the ability to unlock data for AI, and a lower cost base. Neo cores have created part of the solution, but we have taken it to the next level.”

10x’s new platform allows banks and system integrators to focus development resources only on high-value code by abstracting away common product elements and the core ledger itself. As a result, the platform only requires a bank to create and maintain 2,000 lines of code for a single customized banking product.

The 10x platform achieves this exponential reduction through its ground-breaking development tool, ProductKit, built on 10x’s proven SuperCore technology. With the new platform, developers have the freedom to fully customize all 10x pre-built modules at every level using any coding language.

William Dale, APAC Regional Vice President at 10x Banking, said, “The new 10x platform gives financial institutions across APAC the ability to build and launch innovative products fit for their market without incurring outsized complexity, cost and risk – while at the same time providing a clear path to full transformation.”