The new product - billed as a ’meta core’ - follows 10x Banking’s $45 million funding round in January, led by existing investors BlackRock and JPMorgan. Antony Jenkins, 10x Banking founder and CEO says: “Ten years ago banks knew they had to go on a journey of transformation. Good progress has been made in some areas but one of the challenges that has emerged is that even the newer technologies come with their own set of problems. The ‘meta core’ provides banks with the best of all worlds: flexibility on the one hand and unlimited scalability on the other hand. The benefits are much faster speed to market, enterprise-grade security, the ability to unlock data for AI, and a lower cost base. Neo cores have created part of the solution, but we have taken it to the next level.” The new platform allows banks and system integrators to focus development resource only on high-value code by abstracting away common product elements as well as the core ledger itself. As a result, says Jenkins, the new 10x platform only requires a bank to create and maintain as little as 2,000 lines of code for a single customized banking product - up to a 10x reduction in code base compared to neo core platforms and up to a 10,000x reduction compared to legacy cores. Key to this is ProductKit a new development tool that includes a rich set of pre-built modules which abstract away all the unnecessary complexity of building deposit and lending products across retail, SME and corporate banking sectors. Says Jenkins: “With our meta core, banks and financial services businesses can launch new banking products quickly without incurring outsized complexity, cost and risk. The new 10x platform is going to result in a lower cost to serve and a rapid tide of innovation, accelerating full transformation.”