Monese to offer “coreless” banking platform through new entity, XYB
Pan-European banking services provider Monese has launched XYB, a fintech subsidiary that it describes as “an end-to-end ‘coreless’ banking platform provider”.
Monese launches XYB, “an end-to-end ‘coreless’ banking platform provider”
XYB aims to help banks “to break down the barriers to building and providing financial services in record time”, and to “transform and revolutionise the financial services landscape”.
The solution is based on Monese’s retail banking experience (it claims over two million customers across Europe) and its modular Banking-as-a-Service (BaaS) platform.
The “coreless” banking platform “unlocks endless possibilities”, Monese claims, with its microservices architecture, eight “foundational engines” and a partner ecosystem that offers 172 possible services.
Investec (which is an investor in Monese) was the inaugural customer to leverage the XYB banking platform. Lyndon Subroyen, global head of digital and technology at Investec, says the company “completed a current account offering from scratch for business customers within record time, taking less than twelve months from brief to execution”.
Addressing a market gap in core banking
Monese says it has identified “a market gap in the core banking space of high dependence on costly yet incomplete traditional core banking systems”. It estimates the global market potential for this space to be around £700 billion and promises that its offering “eliminates the dependency on a traditional core banking system”.
XYB is initially available in the UK and Europe, with plans to also launch in North America and Asia Pacific.
Atul Choudrie, a seasoned fintech executive and previously managing director of Monese’s BaaS business, has become CEO of the newly formed entity.
Launched in 2015, Monese is backed by PayPal Ventures, Augmentum, Kinnevik, and HSBC, among other investors. The latter invested $35 million in Monese last year.
