Following its launch earlier this month, JPMorgan’s Chase has announced its partnership with UK-based banking technology business 10x Banking.
Over the past two years, Chase and 10x have worked together to create a digital banking platform with a scalable architecture that can host a range of banking products, as the bank develops its UK retail banking proposition.
Chase, a venture which has been in the pipeline for months, is the first overseas retail bank from JPMorgan, and will pit the US investment giant against the UK’s High Street banks and digital banking challengers such as Revolut, Monzo and Starling.
10x Banking was founded in 2016 by Antony Jenkins, the former group chief executive of Barclays.
“As one of our foundational partners, 10x has been instrumental in building the technology platform,” said Sanjiv Somani, chief operating officer at International Consumer, JPMorgan Chase’s retail consumer banking arm outside of the US. “We chose 10x because we needed a modern scalable core banking platform built on micro-services and accessible via APIs, in order to drive rapid product development and to provide our customers with a world class experience.
“This collaboration ensures we have the right technology in place to meet changing customer needs now and into the future.”
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