10x Future Technologies to build digital core banking platform for Virgin Money
Like a Virgin…
10x Future Technologies, the start-up founded by former Barclays CEO Antony Jenkins, is building a digital core banking platform for Virgin Money.
It will be delivered in a cloud and will enable Virgin Money to unify its data platforms into a single infrastructure via 10x’s APIs, the vendor says.
This new deal follows on from yesterday’s (31 October) launch of 10x and its platform.
This is the first known taker of the 10x offering. Banking Technology contacted Virgin Money for details about the project. “It is too early to be specific about details and launch plans,” it responded. “We are at the start of a journey which could take over two years to complete and the important thing is to get it right.”
Virgin Money also says a number of existing solutions will be retained, as it will apply “the best of breed” strategy to the project. “10x’s systems will allow us to unify our existing IT systems together,” it tells Banking Technology. It is yet unclear which systems will remain and which will be ousted.
As reported exclusively by Banking Technology earlier this year, Virgin Money was in system selection mode for the new core and digital channels software. It is understood Virgin Money evaluated traditional software vendors such as Temenos and Fiserv (the incumbent tech provider).
Virgin Money CEO Jayne-Anne Gadhia says 10x is the “perfect partner for us”, and provides an “even better banking experience”. Virgin Money will offer online and mobile products on the market, “complementing” its existing network of stores and lounges.
“We have a significant brand and scale advantage over digital-only banks and the partnership with 10x Future Technologies will make Virgin Money more nimble than the large incumbent banks,” Gadhia states.
10x says its technology will give Virgin Money access and insights into its customers’ data, enabling the bank to offer products such as mortgages, credit cards, savings and current accounts that are tailored to customers’ specific needs.
