The cloud-native SaaS core banking platform 10x Banking and Deloitte have announced strategic Alliance Agreements in the US and UK.
To enhance collaboration in tech-driven financial transformations worldwide, 10x has announced plans to roll out a series of Centres of Excellence in the US, UK, and India. These centres will bolster 10x capability in Deloitte, creating a team of certified developers, analysts and architects, starting with 100 professionals by the end of 2024.
The alliance integrates the 10x Platform into BankingSuite from Converge™ by Deloitte. Primarily focusing on the mutual sector, including credit unions, building societies and mutual banks, the collaboration aims to create cost-effective digital solutions for faster digital transformation goals.
Antony Jenkins, Founder, Chair and CEO of 10x Banking, said: “By working with Deloitte, we will enable banks and mutuals across the US, UK and beyond to modernise their legacy tech and deliver financial products and services fit for the 21st century.
“With Deloitte’s global experience and our leading technological solutions, we have a strategy in place to enact widespread change in the pursuit of making banking ten times better.”
The introduction of these Centers of Excellence will enable 10x and Deloitte to work closely together, as the two organisations aim to assist financial institutions in providing ‘best-in-class’ customer experiences at a reduced cost-to-serve and with minimised risk.
Neal Baumann, Global Financial Services Leader at Deloitte, commented: “Financial institutions globally recognize that core modernization is key to maintaining competitiveness – but implementation can be complex.
“We want to help our clients achieve better outcomes, faster – building scalable, efficient, and agile cores that can support the products of today and of the future.”
Earlier this year, Deloitte teamed up with Temenos to accelerate the aim of modernising payment and core banking in the cloud across the US.
In 2020 the organisations partnered with BOQ subsidiary Virgin Money Australia (VMA), which was seeking to reposition as a ‘digital challenger bank’ incumbent. In this deal, Deloitte Digital assisted with the configuration and integration of VMA’s digital ecosystem.
Baumann concluded: “We’re collaborating with 10x to help our clients accelerate that journey, combining the best of 10x Banking’s technological know-how with our own investments in innovation and the experience we’ve gained working with a wide range of financial services institutions.”
