10x Banking and Zafin announce global partnership to streamline and speed up core banking transformation
10x Banking, a leading cloud-native core banking platform, and Zafin, the top provider of SaaS core modernization and transformation solutions for banks, have announced a strategic global partnership. This collaboration aims to accelerate innovation for banks and financial institutions by offering a comprehensive core banking system integrated with advanced product and pricing capabilities. Zafin’s solutions are trusted by top banks worldwide, while 10x’s platform powers major financial institutions globally, including Chase UK and Westpac.
Core modernization projects often pose significant challenges, with McKinsey research revealing that 70% of digital banking transformations exceed their original budgets, and 7% end up costing more than double the initial estimates.
By working together, Zafin and 10x Banking aim to reduce these risks and overcome the difficulties associated with such projects. Zafin’s platform is renowned for its agility and flexibility, allowing banks to modernize their core systems gradually. With Zafin’s product and pricing capabilities integrated seamlessly with 10x’s platform, banks can pursue smaller, less disruptive projects that deliver immediate value. This phased approach mitigates risks and maintains stakeholder confidence by demonstrating tangible progress and early benefits. Additionally, it enables a “pay-forward” model, where innovations generate new revenue streams, helping fund future core transformations.
For banks aiming to streamline their core systems, the integration of Zafin into the 10x Banking platform offers a unified interface that supports multiple cores under one system. This integration empowers banks to efficiently build and manage products and pricing across various core systems. 10x enhances Zafin’s product and pricing solutions by providing polyglot coding options, allowing banks to customize the platform to meet their specific needs.
Okan Ozaltin, Chief Product Officer at 10x, noted, “Where legacy technology once hindered innovation, banks can now modernize and transform their core systems to deliver a superior banking experience for customers. Together, 10x Banking and Zafin offer years of combined financial services expertise and proven technologies that 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, “Partnering with 10x Banking provides banks with a highly modular, enterprise-grade core that scales easily with Zafin’s product and pricing platform. This collaboration allows banks to streamline existing and new operations, gaining efficiencies in the process. We look forward to working closely with the 10x team to deliver innovative solutions to the banking sector.”
