Financial news

Pan-European fintech Monese has launched XYB, an end-to-end ‘coreless’ banking platform provider. XYB aims to address the £700billion global banking technology and embedded finance market.

XYB, initially available in the UK and Europe, plans to expand its platform into the North American and Asia Pacific markets.

Supported by investors including PayPal Ventures, HSBC, Augmentum and Kinnevik, Monese has utilised its expertise in retail banking and advanced technology platform to develop XYB.

Unlike traditional core banking providers, XYB takes a transformative approach by establishing an extensive ecosystem of partners, including banks, non-banks, technology providers, as well as service providers.

This collaborative network enables XYB to offer a dynamic and interconnected platform that goes beyond conventional technology infrastructure. By providing managed services for critical functions like onboarding, risk management, compliance, and customer support, XYB distinguishes itself from traditional core banking systems. Additionally, it offers a licence-as-a-service option, significantly accelerating time-to-value.

‘Vibrant ecosystem’

Atul Choudrie, who previously served as the managing director of Monese’s BaaS business, assumes the role of CEO for the newly formed entity.

Choudrie expressed his excitement in introducing XYB’s coreless banking ecosystem to the market. “By building a vibrant ecosystem of partners, XYB empowers financial institutions to unlock new opportunities, deliver tailored financial services that meet diverse customer needs, revolutionising the way financial services are delivered.

“With comprehensive managed services and a focus on collaboration, XYB promotes innovation, agility, and exceptional customer experiences, shaping the future of banking for all players, traditional and non-traditional alike.”

Tim Levene, CEO at Augmentum, also expressed his satisfaction in supporting the mission to transform the banking landscape. He highlighted XYB’s pioneering technology and extensive experience, stating that XYB is well-positioned to revolutionise the industry and redefine how individuals engage with financial services.

“We look forward to seeing the transformative impact we are confident they will have across the banking sector.”

Working with Investec

Investec, one of XYB’s first customers, used the ‘coreless’ banking technology to develop a business current account in under 12 months.

Lyndon Subroyen, global head of digital & technology at Investec, said: “Our work with the Monese BaaS platform, now part of XYB’s product portfolio, enabled our organisation to complete a current account offering from scratch for business customers within record time, taking less than twelve months from brief to execution.

“We have ambitious growth plans and look forward to continuing our work with XYB as we continue to respond to the needs of our customers.”