10x Banking marks 100th release with platform 10.0

10x Banking has released version 10.0 of its core banking platform, a milestone that also marks its 100th platform release since its founding.

The latest version expands interest and lending capabilities and adds more configuration options for complex financial products. 10x Banking presents the release as part of an approach focused on frequent software changes rather than periodic major upgrades.

10x Banking supplies core banking technology to financial institutions, including Chase, Old Mutual and Westpac. The platform sits at the centre of a bank's systems of record for products such as current accounts, savings and lending. Core platforms have become a focus for banks looking to replace older technology stacks that can be costly to maintain and slow to change.

Release cadence

Over the past decade, 10x Banking has shipped updates at a near-monthly pace. The company says this removes traditional upgrade cycles and allows clients to adopt new releases without service disruption.

The firm was founded in 2016 by Antony Jenkins, former Chief Executive Officer of Barclays, and has since expanded beyond the UK, including operations in Sydney. It is B Corp certified and counts BlackRock and J.P. Morgan among its investors.

Interest and lending

Version 10.0 includes dynamic interest threshold-based fees, which the company says lets banks set pricing that changes based on customer behaviour or product thresholds.

Another change separates the application of interest from repayments and threshold fees. The platform supports different schedules for repayments and for interest charging periods, such as fortnightly repayments on a monthly term loan.

The platform also adds support for any day count convention, a component used in interest calculations. Banks operate across jurisdictions with different accounting and loan-calculation standards, and the feature is intended to make it easier to support multiple approaches within the same platform configuration.

10x Banking also says it has strengthened lending lifecycle management. The release adds handling for more complex backdated transactions, bespoke repayment schedules and multiple delinquency strategies.

Custom logic

Alongside changes to core product functions, version 10.0 introduces "10x Hooks". 10x Banking describes it as a way for clients to add custom logic and workflows written in any language, while maintaining security and avoiding downtime.

Large banks and financial groups often seek to differentiate products through pricing, repayment options and servicing journeys, while also meeting regulatory requirements on operational resilience and change management. Core banking suppliers have responded with tools that make product configuration and controlled extensibility central to their roadmaps.

Ross Harty, VP of Product at 10x Banking, linked the release to the company's longer-term plans.

"Version 10.0 shows our vision in action for our clients. We are expanding what banks can achieve with greater configurability, real time data and faster product development; all underpinned by the security and scalability we know banks need. I am excited by how far we have come and even more excited about what the next ten years will bring as we keep turning our product vision into measurable outcomes for our clients," said Harty.

10x Banking expects further platform releases to continue on its established cadence over the coming years.