Zafin and 10x Partner to Facilitate Core Banking System Modernization

Zafin and 10x Banking have partnered to enable banks and financial institutions to modernize their core systems incrementally.

This phased approach makes the implementation less disruptive while delivering immediate value, thereby mitigating risk, maintaining stakeholder confidence and reducing upfront capital expenditures, the companies said in a Tuesday (Aug. 6) press release.

The new partnership brings together Zafin’s software-as-a-service (SaaS) core modernization and transformation solutions for banks and 10x Banking’s cloud-native core banking platform, according to the release.

With the integration of Zafin into the 10x Banking platform, banks can have one seamless interface for multiple cores, the release said.

This collaboration enables banks to build and manage pricing and products across multiple core systems and tailor the platform to their own needs and requirements, per the release.

“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,” Okan Ozaltin, chief product officer at 10x Banking, said in the release.

Chris Dickin, global head of strategic partnerships at Zafin, said in the release: “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.”

The banking sector is moving inexorably toward doing everything faster, which means that the back-end processes must be faster too, PYMNTS reported in June.

In another recent development in this space, Mastercard and Thought Machine said in June that they have expanded their partnership to deliver payments and core banking capabilities to financial institutions worldwide.

Together, these companies aim to help financial institutions shift from legacy core banking and payment technologies to cloud-native ones that are designed to enhance banking efficiency, lower costs, enable rapid introduction of more customer-centric experience and allow banks to offer more innovative pay-now solutions.

In March, Citi Ventures became a strategic investor in core banking provider Tuum, saying that Tuum’s platform “can help accelerate this long overdue transformation across the industry.”