10x Banking has recently introduced a comprehensive suite of AI capabilities integrated into its meta core platform, aimed at driving banking transformation, enhancing operational efficiency, and improving decision-making strategies for banks.
Initially launched in July of the previous year, the meta core product was designed to mitigate risks associated with migrating from legacy systems while offering a clear pathway to cloud-native transformation. This innovative platform enables banks and system integrators to allocate development resources toward high-value projects, effectively abstracting routine product elements, including the core ledger itself.
The newly introduced AI functionalities are built upon this foundational structure, enabling significant advancements in banking processes. Research conducted by 10x Banking, which surveyed over 200 senior IT decision-makers in the financial sector, revealed that only 32% of banks are currently utilizing AI at their core. A notable 41% of respondents identified the integration of AI with third-party platforms as their primary challenge.
With these new AI capabilities, banks can automate the mapping of legacy data to streamline core migrations, launch new financial products within days instead of months, and gain access to detailed real-time insights, moving away from reliance on IT teams for outdated batch reports.
Antony Jenkins, founder and CEO of 10x Banking, emphasized, “Legacy platforms hinder innovation and decision-making. Transitioning to modern cloud-native cores has traditionally been complex, costly, and time-intensive. To fully harness the benefits of AI, organizations need access to real-time data at scale. That’s where 10x’s meta core excels, providing real-time insights along with a suite of AI capabilities compatible with banks’ existing systems.”
Recently, 10x Banking has reportedly engaged advisors to explore discussions with potential buyers. According to city sources, the investment bank Moelis has been involved in these advisory talks. In January of last year, the firm successfully raised $50 million from existing investors Blackstone and JPMorgan Chase, achieving a valuation of $500 million at that time. Notable clients include Westpac in Australia, JPMorgan Chase in the UK, and Old Mutual in Africa.