Tungsten selects 10x Banking for Pay+ payments platform

By Divya Shah

Why it matters: The partnership demonstrates how embedded finance is moving beyond banking into enterprise software platforms. For FinTechs, it highlights growing demand for ledger infrastructure, payment orchestration, reconciliation automation, and AI-enabled implementation. It also shows how non-financial businesses can launch payment services without becoming regulated financial institutions.

10x Banking has partnered with Tungsten Automation to provide the core ledger infrastructure behind Pay+, Tungsten’s new embedded payments solution designed to streamline accounts payable processes. 

The partnership enables the expansion of 10x Banking’s technology beyond traditional financial institutions into the embedded finance sector. It is also the company’s first deployment within a non-regulated financial institution, with its cloud-native core ledger embedded directly into Tungsten’s payments infrastructure. 

Pay+ extends Tungsten’s accounts payable automation capabilities into a complete invoice-to-pay solution. The platform combines payment creation, execution, and reconciliation into a single workflow, enabling businesses to manage the entire payment lifecycle from one environment. 

The solution uses invoice and supplier data to route payments through the most appropriate provider or payment rail across Tungsten’s network of regulated payment partners. At the centre of the platform, 10x Banking’s core ledger records transactions in real time, improving visibility and simplifying reconciliation processes.  

The platform’s ability to attach rich payment and commercial data to every transaction enables more context-aware reconciliation. Payment details, including provider, payment rail, transaction category, and associated charges, are recorded within a single ledger, creating a consistent audit trail across different payment methods. 

 Olly Richards, SVP Commercial & Strategy at 10x Banking, said, “Tungsten already owns the invoice and customer relationship; by embedding our ledger into Pay+, it can extend that into payments without becoming a bank itself. That is the promise of embedded finance, and the fact that the whole thing was deployed and integrated by AI shows how quickly it can now be done.” 

The ledger was deployed within Tungsten’s own infrastructure, allowing the company to retain full control over its payments data while operating a self-hosted environment. 

The implementation also demonstrated the use of AI in software delivery. According to the companies, a four-person core team deployed the 10x environment and completed the API integration in less than three months using an AI agent directed by Tungsten engineers. 

Andrew Ng, Head of Payments and Embedded Finance at Tungsten Automation, said, “Finance teams trust Tungsten with their invoices, and Pay+ extends that trust to the payments that follow. Tungsten intends to lead embedded payments in invoice-to-pay, bringing automation, orchestration and reconciliation into a single flow.” 

Pay+, including the 10x Banking ledger, is expected to become generally available in the UK and US during the first quarter of 2027.