Zafin, a leading provider of SaaS solutions for core modernization and transformation, has joined forces with 10x Banking, a cutting-edge cloud-native core banking platform. This strategic global collaboration aims to drive innovation in the banking sector by offering an integrated end-to-end core system that combines advanced product and pricing capabilities. Zafin’s solutions are renowned for their effectiveness across top banks worldwide, while 10x Banking’s platform supports major financial institutions, including Chase UK and Westpac.
This partnership addresses the challenge of legacy technology hindering innovation. By modernizing and transforming core banking systems, banks can now deliver enhanced customer experiences.
Core modernization projects can be daunting, with research from McKinsey indicating that 70% of digital banking transformations exceed their initial budgets, and 7% end up costing more than double the original estimates.
The collaboration between Zafin and 10x Banking mitigates risks and simplifies these projects. Zafin’s flexible and agile platform supports incremental modernization, allowing banks to undertake smaller, less disruptive projects that provide immediate value. This phased approach not only reduces risk but also maintains stakeholder confidence by showcasing tangible progress and benefits early on. Additionally, this method enables a “pay-forward” strategy, introducing innovations that generate revenue streams and effectively altering the traditional capital expenditure model for future core transformations.
For banks seeking to integrate their core systems, the Zafin-10x Banking platform offers a unified interface that manages multiple cores beneath Zafin’s framework. This integration allows banks to build and manage products and pricing across various core systems seamlessly. 10x Banking enhances Zafin’s product and pricing solutions with flexible coding options, allowing banks to customize the platform to their specific needs.
Okan Ozaltin, Chief Product Officer at 10x, stated, “Where legacy technology once stifled innovation, banks can now modernize and transform their core systems, resulting in superior customer experiences. The partnership between 10x Banking and Zafin combines years of financial services expertise and proven technologies to reduce complexity, enabling banks to operate more agilely and bring new products to market faster and at a lower cost.”
Chris Dickin, Global Head of Strategic Partnerships at Zafin, added, “Collaborating with 10x Banking provides banks with a highly modular, enterprise-grade core system that scales effortlessly with Zafin’s product and pricing platform. This partnership will streamline both existing and new operations, delivering greater efficiencies. We are excited to work with the 10x team to deliver innovative solutions to the banking sector.”
To learn more about the 10x Banking Platform, visit [link]. For more information about the Zafin platform, visit [link].
