10x has unveiled release 10.0, which is the 100th release of the 10x Banking Platform. The announcement comes in the year of its 10th birthday, as well as two significant milestones passed within a short time of each other. The number of releases indicates that 10x has maintained an agile release cycle, with updates roughly every 5 weeks over a consistent period. This rapid iteration, compared to legacy competitors, demonstrates the platform’s agility over the last decade in meeting customer needs.
Looking back
10x took the opportunity to reflect on the significant updates it has delivered over the last decade. These changes have all furthered 10x’s vision for its solution.
“To create a world where financial institutions are empowered, not hampered by technology, and to blend best in class security, scalability, and speed to enable the future of finance today.”
Ross Harty, VP Product at 10x, and Katie McNeill, VP Client Delivery, explored this vision further in the first 10x Product Talks episode. They discussed the industry trends that shape their product pillars and what they unlock for the financial institutions 10x works with.
Significant updated that have impacted customers over the last decade include:
Interest Overrides
Interest overrides were introduced for both credit and debit; previously, products had only one straightforward, but limiting, interest rate.
Customer-level pricing
Unlocking customer-level pricing transformed the customer experience. The feature enabled banks to create tailored pricing, enhance lending options, and develop more competitive products.
Jekin Patel, Senior Product Manager, 10x commented, “When we unlocked customer level pricing, everything changed. Banks could shape personalised pricing strategies, open richer lending propositions and build more sophisticated and competitive products on the platform.”
Interest adjustments
In the past, correcting interest in large amounts was often inefficient, expensive, and prone to mistakes. By enabling streamlined interest adjustments, banks gained a more effective way to address past errors and manage corrections, enabling them to address problems more quickly, improve oversight, and strengthen customer confidence with greater ease.
Empowering Flexible Loan Management
Managing loans has always presented a range of challenges, but 10x has made substantial progress in providing advanced functionality to support the diverse requirements of borrowers. The platform’s capabilities extend from automatically processing complex, backdated transactions, to enabling the creation of highly tailored repayment schedules.
As a result, lenders are equipped with the technical flexibility to design and offer intricate, customised loan products. They can confidently support a variety of delinquency management strategies and accommodate unique legacy products and account structures. This breadth of functionality ensures that lenders can meet the evolving needs of their customers while maintaining robust operational control.
10x Hooks
The introduction of 10x Hooks in 2023, with production use in 2024, revolutionised how institutions differentiate their product experiences. Hooks let clients add custom logic in any programming language, triggered by API-driven events, without compromising platform stability or security. This flexibility allows banks to tailor products to their strategies and regional regulations without depending on platform roadmaps or development cycles.
Version 10.0 builds on previous releases
10x has continued to develop the platform with several updates over the last three months to improve its capabilities. These have given customers greater control and configurability across complex financial scenarios.
- Dynamic interest threshold-based fees
- Separation of interest application from repayments and threshold fees
- Support for any day count convention
These improvements give institutions greater control and configurability across complex financial scenarios. Details of what is actually within version 10.0 were surprisingly scarce.
Harty commented, “Version 10.0 shows our vision in action for our clients. We are expanding what banks can achieve, with; 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.”
In the future
While release 10.0 may be the 100th release with minor updates, there is a lot more to come from 10X. The firm shared some significant upcoming items:
- Additional mortgage and loan lifecycle capabilities: More configurability at maturity and throughout the loan lifecycle.
- Real-time data visualisation and reporting tools: New interfaces that offer immediate insight into operational data and support instant report generation.
- Liquidity management improvements: Capabilities designed to strengthen treasury operations and improve balance sheet intelligence.
Enterprise Times: What does this mean
This is both an exciting and slightly disappointing announcement. There is no doubt that 10x has delivered significant updates historically at an impressive cadence. It is also good to see that new features are still coming, and 10x continues to innovate on its platform to ensure that its recent customers, such as Remara, New Zealand’s Co-operative Bank, and West Brom Building Society, can continue to innovate their products.
However, the announcement is short on details about version 10.0 itself, and nothing on the website explains what the latest release actually contains. If 10x provides further information about the release, this will be added to the article.
