Antony Jenkins, the former chief executive of Barclays, has formed a startup with the aim of offering API-driven, cloud-based core processing services to banks. His first client has a brand associated with disruption: Richard Branson's Virgin Money.
The new vendor, called 10x Future Technologies, aims to provide banks with a new core digital banking platform that allows them to unify their wide array of "often complex, cumbersome data systems," according to a press release Monday announcing the venture.
Based in London, 10x Future Technologies joins a growing list of startups aiming to redefine the core systems marketplace with cloud and API-based offerings, such as Thought Machine, also in London; Nymbus in Miami Beach, Fla.; and Corezoid of Redwood City, Calif.
The day after announcing its formation, 10x Future revealed it is building a digital banking platform for Virgin Money in the U.K. The vendor will be "providing us with advanced technology to build a truly digital banking platform and provide an even better banking experience that will be faster, easier to use and more cost efficient," said Jayne-Anne Gadiha, Virgin Money's chief executive, in a press release. Virgin Money, part of Branson's diversified portfolio of companies, was founded in 1995 and offers financial services in the U.K., Australia and South Africa. (Its brief attempt to shake up consumer finance in the U.S. was cut short by the financial crisis.)
Jenkins' company said it will use application programming interface (API) technology that will allow banks to access data from disparate systems into one network. This, the company said, will give banks greater access to customer data and insights into customer behavior. For example, a bank could anticipate when a small business owner might need a more flexible line of credit, or what the best financing options are for a couple looking to buy a house.
"Our core digital banking platform, based on advanced data modelling and database design, will allow financial services providers to develop a much deeper understanding of their clients, cut costs and deal with regulation," Jenkins, whom Barclays fired last year, said in the release announcing 10x's formation.