The companies have formed a global partnership agreement in which they will work together to help financial institutions adopt modern core banking systems, according to a Thursday (Aug. 15) press release.
As part of this partnership, LTIMindtree has established a new global practice that includes experts dedicated to the 10x platform, according to the release.
“As banks review their strategy, they recognize the opportunity for innovation and transformation,” Ram Khizamboor, chief delivery officer, banking, financial services and insurance at LTIMindtree, said in the release. “Increasingly, they are looking at next-generation core banking systems with their lightweight core and real-time capabilities to drive growth, enhance efficiencies and deliver superior value to their customers.”
Antony Jenkins, founder, chair and CEO of 10x Banking, said in the release that the partnership will enable 10x to serve more financial institutions, helping them modernize their legacy core systems.
“By combining our best-in-class platform and LTIMindtree’s expertise, we are set up to deliver transformational solutions that address the challenges that financial institutions face today and support them into the future,” Jenkins said.
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This news comes about a week after 10x Banking partnered with Zafin, a provider of software-as-a-service (SaaS) core modernization and transformation solutions for banks, to enable financial institutions to modernize their core banking systems incrementally.
The phased approach enabled by this collaboration makes the implementation of core banking systems less disruptive while delivering immediate value, thereby mitigating risk, maintaining stakeholder confidence and reducing upfront capital expenditures.
Another collaboration in this category was formed in June when Mastercard and Thought Machine expanded their partnership to deliver payments and core banking capabilities to financial institutions worldwide.
This collaboration brings together Mastercard’s global network and digital solutions and Thought Machine’s cloud-native core banking and payments platform.
In March, Citi Ventures announced that it became a strategic investor in core banking provider Tuum.
Citi Ventures, which acts as a strategic investor on behalf of Citi, will introduce Tuum to key stakeholders within the bank to explore commercialization opportunities.
