Chase has teamed up with 10x Banking, the UK-headquartered Cloud-native banking tech business, in order to create a modern technology platform that has “powered Chase’s entry into the UK retail banking market.”
During the last two years, 10x and Chase have been working cooperatively to create a virtual banking platform capable of providing a seamless customer experience (CX) and differentiated product features. The platform offers a scalable architecture from which to “build a wide range of banking products in the future as Chase develops its retail banking proposition for UK customers.”
The announcement also mentioned that Chase chose 10x “based on its modern scalable platform built on micro-services and accessible via APIs.” 10x also helped with creating Chase’s ledger infrastructure.
Antony Jenkins, CEO and Founder of 10x Banking, stated:
“At 10x we are passionate about transforming banking. Chase’s entry into the UK retail banking market represents a significant moment for customers and the industry. We’re pleased to work jointly with Chase to deliver the modern and scalable banking platform that will help it realise its ambitions of becoming a major force in retail consumer banking.”
Sanjiv Somani, Chief Operating Officer at International Consumer, JPMorgan Chase’s retail consumer banking arm outside of the US, remarked:
“As one of our foundational partners, 10x has been instrumental in building the technology platform. We chose 10x because we needed a modern scalable core banking platform built on micro-services and accessible via APIs, in order to drive rapid product development and to provide our customers with a world class experience. This collaboration ensures we have the right technology in place to meet changing customer needs now and into the future.”
As mentioned in a release, 10x Banking is a London-headquartered financial tech firm with a mission to “move banks from monolithic to next-generation core banking solutions delivered through the world’s most comprehensive and powerful cloud native SaaS bank operating system.”
With its secure, reliable, scalable and modular core banking platform, 10x supports “highly customizable product behaviors and accounting rules, integrates with banks’ wider technology estates and harmonizes with local and regional compliance and regulatory requirements.”
10x enables banks to “deliver products, services and customer experiences to retail and SME customers faster and more cost effectively.”
10x was established back in 2016 by Antony Jenkins, former Group CEO of Barclays.
Chase is the consumer and commercial banking business of JPMorgan Chase & Co (NYSE: JPM), an international financial services company “with assets of $3.7 trillion and operations worldwide.”
Based in Canary Wharf, London, the new U.K. service is designed to address the requirements of clients in the country. It will aim to offer various banking products and features – “starting with a current account.”
In the United Kingdom, Chase is a trading name of J.P. Morgan Europe Limited. J.P. Morgan Europe Limited is “authorized by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority.”