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Monese releases 'coreless' banking platform

Source: Monese

Monese, a leading pan-European fintech that offers smart money services to millions of consumers across Europe, announces the launch of XYB, an end-to-end ‘coreless’ banking platform provider, enabling banks and non-banks to break down the barriers to building and providing financial services in record time.

XYB is aimed at addressing a market gap in the core banking space of high dependence on costly yet incomplete traditional core banking systems. The global market potential for this space is estimated to be around £700 billion.

Available initially in the United Kingdom and Europe XYB is also set to launch its platform in the North American and Asia Pacific markets.

Servicing millions of customers across Europe and UK, and backed by investors like PayPal Ventures, HSBC, Kinnevik, Investec, Augmentum, and others, Monese has utilised its modern retail banking experience and the early success of its modular BaaS technology platform to create XYB which promises to enable the new generation of financial services to all.

XYB’s ‘coreless’ banking platform unlocks endless possibilities for banks and non-banks with highly configurable and scalable microservices architecture, partnering with the best in the industry to offer 172 possible services, and eight foundational engines. This eliminates the dependency on a traditional core banking system.

The ‘coreless’ banking platform fills a gap in the market by enabling banks and non-banks to make new financial services solutions accessible in record time. This is achieved by removing dependencies on legacy technology and processes, leveraging highly configurable and scalable microservices architecture, and providing a turnkey solution with a pre-integrated partner ecosystem.

Investec was the inaugural customer to leverage XYB’s cutting-edge coreless banking platform, which in under twelve months facilitated the swift and efficient development of a new current account offering for their business clients. This successful implementation highlights the efficiency and effectiveness of XYB in enabling businesses to bring to market new financial products and services quickly and easily.

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