XYB

We are delighted to introduce Derek Joyce, a seasoned fintech veteran, as the new CEO of XYB. Having made significant contributions at American Express, Klarna, Bread Financial, and Alloy, Derek's appointment marks a new era for XYB as a standalone company. His extensive experience scaling innovative fintech businesses is a testament to his leadership and strategic acumen. Derek has already been pivotal in advising on XYB’s separation from Monese and securing its funding as an independent entity. Now, as a co-founder alongside ex-Monese CTO Jonas Kiiver, Derek will position XYB as the go-to provider for cloud-based modular banking. Under Derek's strategic leadership and deep fintech knowledge, XYB's growth is set to accelerate, furthering our mission to transition the world to accessible and innovative banking. XYB empowers banks and non-banks with our cloud-native PaaS technology, featuring eight foundational engines and over 200 adaptable microservices. Our platform is designed to grow with our clients while ensuring full compliance with industry regulations. XYB stands out by offering dependency-free engines and cutting-edge cloud-native infrastructure, allowing banks to deploy customer-centric solutions that complement their existing technology. We have already powered solutions for Monese and several Tier 1 banks, and we are excited to enhance our platform with AI through partnerships with global cloud providers. Commenting on his appointment, Derek said, "I'm excited to scale XYB and help banks refresh their tech stacks with today's digital financial services. Our technology and expertise will reduce operational costs, deliver exceptional customer experiences, and position banks at the forefront of innovation." Join us in welcoming Derek as we embark on this exciting journey to transform and modernise the banking industry. #Fintech #Leadership #Innovation #Banking #PaaS #XYB

As Banks look to modernise their core banking systems to stay relevant, they are faced with a multitude of options. The question is: What is the best way to do it? Should banks build their own systems, stick with traditional vendors, or embrace the emerging trend of coreless banking? We think there is really only one answer! Find out more:  https://lnkd.in/eim2RJ_s  #BankingTechnology #CorelessBanking #DigitalTransformation #InnovationInBanking

This week, Santosh Radhakrishnan rounds off his blog series by exploring: 🚀  The Future of Banking Technology: The Shift Towards Coreless Banking Systems🚀  Banks must modernise their core banking systems in this digital transformation era to stay relevant. With so many solutions available, the question is: What's the best way to do it? Should banks build their own systems, stick with traditional vendors, or embrace the emerging trend of coreless banking? Traditional core banking solutions have served banks for years, but they come with a 'one-size-fits-all' approach that can lead to legacy system issues. These solutions may not offer the flexibility and agility that banks need to keep up with the fast pace of technological advancements and changing customer expectations. That's where Coreless Banking comes in. This innovative approach advocates for a flexible and efficient system that leverages microservices, API-first, cloud-native, and headless technologies. It promises to break through the limitations of outdated infrastructure, allowing banks to adapt, scale, and integrate new technologies seamlessly. But Coreless Banking is more than just technology - it's about reimagining banking to be more resilient, adaptable, and capable of offering unparalleled customer experiences. From reducing vendor dependencies to enabling faster, cheaper, and more sustainable operations, coreless banking stands as a beacon for the future of financial services. Although modernising core banking systems can be challenging, it unlocks new horizons for banks willing to embrace change. As we stand on the cusp of a banking revolution, it's clear that the path forward is paved with innovation, flexibility, and a vision for a digital-first future. So, if you're ready to explore the possibilities of coreless banking and how it could redefine the banking landscape, let's dive deeper into this transformative approach and prepare for the next evolution in banking technology. It's time to embrace change and unlock the full potential of banking in the digital age. Read more at: 👉 Finextra: https://lnkd.in/eUr6CpvJ or 👇 Download the PDF #BankingTechnology #CorelessBanking #DigitalTransformation #InnovationInBanking BIAN - Banking Industry Architecture Network MACH Alliance Venky N. Venkatesh Bhavik S. Norris Koppel

🎙️ Did you miss our latest interview with The Fintech Times' Mark Walker on the Coreless Banking revolution?     The #banking sector has already been on a transformative journey towards digital self-service, and the new era of Coreless Banking embodies a shift towards more accessible, innovative, and user-friendly banking services.    At XYB by Monese, we’re leading the charge on this fundamental change in banking technology with our Coreless Banking platform.     Tempted to find out more? Watch the full interview below to explore the evolving landscape of the banking and core banking industry 🎥    #Fintech #BankingTrends #FutureOfFinance #Innovation #CorelessBanking #CoreBanking #FinancialRegulation #FinanceInnovation  

These are some of the approaches banks are taking to change their cores. To find out more, read Santosh Radhakrishnan's blog: https://lnkd.in/eS6yEpps #CorelessBanking #Corebanking #Modernisation #Fintech

The banking industry stands at a critical juncture. The legacy core systems, once the backbone of financial services, now pose significant challenges in an era that demands agility, innovation, and efficiency. In this latest blog, Santosh Radhakrishnan delves into the approaches banks take to navigate these challenges, from the traditional "Rip and Replace" to the innovative concept of "Modernisation." 🔁 Rip and Replace – An expensive and risky venture that offers a clean slate but comes with the daunting task of a complete system overhaul. 🚤 Speedboat – Launching a brand-new digital entity to bypass legacy limitations, offering a fresh start but at significant cost and risk. 🔧 Wrap it – Addressing specific issues within the legacy system without a full-scale overhaul, offering a patchwork solution that may not be sustainable long term. 🌱 Modernisation – A strategic, phased approach to upgrading systems, focusing on adding modern functionalities to existing frameworks, balancing innovation with cost-effectiveness and lower risk. Choosing the right path is not straightforward. It depends on a myriad of factors including risk appetite, budget constraints, and the bank's long-term digital strategy. The question isn't just about upgrading technology but transforming it to meet the future head-on with resilience and adaptability. The digital transformation era demands that we rethink our approach to legacy systems. It's time to embrace a more nuanced strategy that acknowledges the complexities of modern banking needs. What's your take on navigating the challenges of legacy core banking? Have you experienced the transition firsthand? Why not share your insights, and let's discuss the future of banking technology? Read more... > XYB.co/blogs: https://lnkd.in/eS6yEpps > Finextra: https://lnkd.in/e3un6FxC > Or Download the PDF 👇

Santosh Radhakrishnan talks the future of money and banking 🔮 In a recent interview with Jason Hartman of Authority Magazine, Santosh explored what innovations we can expect in #banking in the near future, what excites him about the banking industry as well as how to create a successful career in #finance, banking or #fintech. 💬 “The most important thing you can do in your career is to make the best ethical decisions and do not let other people’s opinions stand in your way. If you do, everything else will fall into place. Not everybody is going to be happy about everything you do, and that’s fine.” – Santosh Radhakrishnan, CCO, XYB by Monese This is a very insightful interview that shines a light on the future and possibilities our industry presents. Have a read of the full interview below! #CorelessBanking #CoreBanking #FintechInnovation

A few standout stats from Santosh Radhakrishnan's latest blog: 1) 1TB of storage capacity (Disk) in 1957 would cost $9.2 billion, whereas today, it costs just $14 2) 1TB of memory in 1957 would have cost a massive $411 trillion; today, it costs just $2,100 3) There are still over 10,000 mainframes in operation used by some of the largest companies in the world 4) IBM CICS (Customer Information Control System) has been around for decades and provides high-volume real-time processing. With built-in redundancy, these mainframes not only process billions of transactions daily but provide 99.999% availability, which amounts to just 5 minutes of downtime a year! Read more at https://lnkd.in/etSMAdu7 #Corelessbanking #corebanking #fintech #bankingtechnology

What are some of the critical challenges of replacing a core banking platform? Which challenge do you think is the biggest? Read more at https://lnkd.in/eim2RJ_s #Corelessbanking #Corebaking #Fintech #BankingTechnology

What does the bank of the future look like? We’ve got a podcast episode that will tell you 🎧    Our CEO, Norris Koppel, recently sat down with Monica Millares 🎙️ for an interesting episode of the Purpose Driven Fintech podcast which explores why hyper personalisation and customer-centric financial services will drive the banks of the future.     The episode also delves into the impact of #AI on our industry and how we at XYB by Monese are incorporating generative AI into our operations – including our recent partnership with Google Cloud to do just that.     It’s an exciting listen, so take a look at the full episode below and let us know your thoughts ⬇️ https://lnkd.in/eKxvnPPe #Banking #Fintech #FintechInnovation #Payments #GenAI #corebanking #corelessbanking