We’ve launched XYB!

Our coreless banking platform that aims to revolutionise banking technology.

By Josie on May 23, 2023

XYB Blog Post

We’re super excited to announce the launch of XYB, our end-to-end ‘coreless’ banking platform provider that we believe could shake up the banking industry.

XYB helps banks and other non-banking financial institutions to make new financial services solutions accessible in record time. It breaks down the barriers of traditional core banking systems, meaning that businesses can provide the financial products and services they need, when and where they need them.

What’s coreless banking?

XYB is revolutionising banking technology. How you ask?

We’ve removed the dependency on traditional technology and old legacy processes. Instead we leverage highly configurable and scalable microservices architecture, and provide a turnkey solution with a pre-integrated partner ecosystem.

XYB is coreless banking at its finest, running independently without a centralised core system. This means that businesses can pick and choose the services and components we offer to build the solutions they need.

How we got here

At Monese, we’re proud to service millions of customers across Europe and the UK.

With backing from investors like PayPal Ventures, HSBC, Kinnevik, Investec, Augmentum and more, we’ve used our modern retail banking experience and the early success of our modular BaaS technology platform to create XYB, which promises to enable the new generation of financial services to all.

Investec was our very first customer to leverage XYB's cutting-edge coreless banking platform – and in under twelve months, we helped them to develop a new current account offering for their business clients.

This opening success was the perfect way to demonstrate the swift and efficient strength of XYB, and we couldn’t be more excited to see what happens next.

Our founder & CEO Norris Koppel said:

“XYB is testament to our commitment to breaking down the barriers in banking using best-in-class technology. XYB enables banks and non-banks to launch modern money services quickly and cost efficiently, helping millions more people access financial services across the world and empower businesses to grow.”

Industry feedback

We’re thrilled that Chris Skinner, an independent commentator on financial markets and fintech believes in XYB’s vision to break down banking barriers.

Chris said:

“For almost fifteen years we have been talking about the development of Banking-as-a-Service, the Platform Economy and Ecosystems. The concepts are robust in financial services, but the challenge is how to curate this system. With thousands of companies creating financial innovation, how can you leverage and utilise them?

What Monese with XYB has achieved is the curation of that system as a pre-emptive offer to turbo-charge banks into this environment. It’s very innovative and admirable, and fits into my views of the curated economy, where firms work together to improve the processes and deliver the best customer experience.”

Onwards and upwards

With his experience spearheading Monese's BaaS platform business, Atul Choudrie’s appointment as CEO at XYB is a natural fit for our vision.

Atul said:

"I am thrilled to be working with Norris to introduce XYB coreless banking ecosystem to the market, a true game-changer in the industry. 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."

Available initially in the United Kingdom and Europe, XYB is also set to launch in the North American and Asia Pacific markets. Watch this space!

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