Zafin, the leading provider of SaaS core modernization and transformation solutions for banks and 10x Banking, the next gen cloud-native core banking platform, announced a strategic global collaboration to accelerate innovation for banks and financial institutions, by providing an end-to-end core system integrated with leading product and pricing capabilities. Zafin’s solutions are trusted by top banks worldwide while 10x’s core banking platform powers major financial institutions globally, including Chase UK and Westpac.
Core modernization projects are challenging, with a staggering 70% of digital banking transformations exceeding their original budgets, and 7% end up costing more than double initial projections, according to McKinsey research.
Working together, Zafin and 10x significantly reduce risk and alleviate challenges associated with these projects. Zafin’s platform, known for its agility and flexibility, enables banks to modernize their core systems incrementally. By leveraging Zafin’s product and pricing capabilities alongside seamless 10x integration, banks can embark on smaller, less disruptive projects that deliver immediate value. This phased implementation mitigates risk and helps maintain stakeholder confidence by demonstrating tangible progress and benefits early in the process. Moreover, it enables a pay-forward approach by introducing innovations that create revenue streams, effectively reversing the traditional capital expenditure paradigm funding for future core transformations.
For banks looking to hollow out their core, the Zafin integration into the 10x Banking platform provides one seamless interface for multiple cores to co-exist beneath Zafin. This integration empowers banks to easily build and manage products and pricing across multiple core systems. 10x further augments Zafin’s product and pricing solution by providing polyglot coding options that allow banks to tailor the platform to their specific needs and requirements.
“Where legacy technology was previously holding back innovation, banks and other financial institutions can now modernize and transform their core banking system, and as a result deliver a superior banking experience for their customers,” said Okan Ozaltin, Chief Product Officer at 10x. “Together, 10x Banking and Zafin offer banks years of combined financial services expertise and proven technologies that reduce complexity, enabling banks to work in a more agile operating environment to bring new products to market faster and at lower cost.”
Chris Dickin, Global Head of Strategic Partnerships at Zafin commented, “Working with 10x Banking provides banks with a highly modular, enterprise-grade core that easily scales with Zafin’s product and pricing platform so banks can gain efficiencies by streamlining existing and new operations. We look forward to working closely with the 10x team to provide innovative solutions to the banking sector.”
SOURCE: BusinessWire