10x Banking goes for growth in Apac with Constantinople tie up
10x Banking, the cloud-native core banking platform that powers some of the world's largest banking entities including Westpac and Chase UK, today announced a strategic partnership with Constantinople, the Australian banking software and operations provider.
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The collaboration sees two major technology companies coming together to provide banks, mutuals, and financial institutions around the world with access to best-in-class banking technology architecture and solutions.
Banks spend billions each year building duplicative technology, creating a tension between innovation and growth. Now for the first time, 10x Banking's modern core technology combined with Constantinople's comprehensive banking solutions will accelerate digital transformation, integrate AI and reduce cost-to-income ratios by up to 80% - giving banks and mutuals access to a best-in-class banking stack at a fraction of the cost of building it in house.
Sydney-based Constantinople, backed by experienced investors such as Square Peg Capital, Airtree and Prosus, recently raised an A$50 million Series A funding round, following the largest seed round in Australia. Working closely with 10x Banking, Constantinople is already serving customers across APAC including Great Southern Bank, Australia's largest customer owned bank, with over 400,000 members.
Dianne Challenor, Co-Founder and CEO of Constantinople, said: 'This partnership showcases our unique ability to bring tier-1 bank capabilities for financial institutions with an entirely software driven infrastructure to run operations and compliance. We can leverage best of breed architecture and tech stack to power retail banks, SME banks and provide embedded banking needs. With the technology we've built, we can now integrate AI into every aspect of banking. We're excited to be working with 10x Banking - which has helped us accelerate our engineering and delivery.'
Legacy core systems and siloed business functions have long presented financial institutions with higher overheads and made it challenging to innovate at the pace today's market requires. Research commissioned by 10x Banking showed that 67% of bank executives believe they are losing business opportunities due to the slow pace of digital transformation, yet only 8% of banks are focused on improving their core banking capabilities.
The partnership between 10x Banking and Constantinople means these banks can achieve the full core transformation that will enable them to deliver greater value to their customers by focusing on product innovation and greater customer experiences.
Antony Jenkins, CEO at 10x Banking, said: 'When 10x was founded, our mission was simple: to make banking ten times better for our customers, their members and society. Achieving this requires building the strongest possible ecosystem of partners. In today's AI-first world, banks, mutuals, and financial institutions must rethink how they deliver value to their customers and members.
By combining 10x's world-first meta core with Constantinople's comprehensive end-to-end banking platform and fully integrated operational stack, we take away the burden of managing the complexities of banking infrastructure and operations. Together, we're empowering institutions to focus on innovation, embrace AI and enhance customer experience.'
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