Banks, mutuals and financial institutions around the world will now have access to banking technology architecture and solutions following a new partnership between 10x Banking, the cloud-native core banking platform, and Constantinople, the Australian banking software and operations provider.
Legacy core systems and siloed business functions have long presented financial institutions with higher overheads and made it challenging to innovate at the pace today’s market requires. Banks have ended up spending billions yearly to maintain technology, creating tensions between innovation and growth.
In fact, research by 10x Banking showed that 67 per cent of bank executives believe they are losing business opportunities due to the slow pace of digital transformation, yet only eight per cent of banks are focused on improving their core banking capabilities. With the new 10x Banking and Constantinople partnership, more banks will be able to focus on innovation as the collaboration will accelerate digital transformation, integrate AI and reduce cost-to-income ratios by up to 80 per cent.
In turn, banks and muturals will have access to a new banking stack at a fraction of the cost of building it in-house. This transformation will then enable them to deliver greater value to their customers by focusing on product innovation and greater customer experiences.
Antony Jenkins, CEO at 10x Banking, said: “When 10x was founded, our mission was simple: to make banking 10 times better for our customers, their members and society. Achieving this requires building the strongest possible ecosystem of partners. In today’s AI-first world, banks, mutuals, and financial institutions must rethink how they deliver value to their customers and members.
“By combining 10x’s world-first meta core with Constantinople’s comprehensive end-to-end banking platform and fully integrated operational stack, we take away the burden of managing the complexities of banking infrastructure and operations. Together, we’re empowering institutions to focus on innovation, embrace AI and enhance customer experience.”
Partnering with Constantinople
Sydney-based Constantinople, backed by experienced investors such as Square Peg Capital, Airtree and Prosus, recently raised an A$50 million Series A funding round, following the largest seed round in Australia. Working closely with 10x Banking, Constantinople is already serving customers across APAC including Great Southern Bank, Australia’s largest customer‑owned bank, with over 400,000 members.
Dianne Challenor, co-founder and CEO of Constantinople, said: “This partnership showcases our unique ability to bring tier-1 bank capabilities for financial institutions with an entirely software-driven infrastructure to run operations and compliance. We can leverage best of breed architecture and tech stack to power retail banks, SME banks and provide embedded banking needs.
“With the technology we’ve built, we can now integrate AI into every aspect of banking. We’re excited to be working with 10x Banking, which has helped us accelerate our engineering and delivery.”
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