Monese says it has identified “a market gap in the core banking space of high dependence on costly yet incomplete traditional core banking systems”.
Monese has launched XYB, a fintech subsidiary that it describes as “an end-to-end ‘coreless’ banking platform provider”.
XYB aims to help banks “to break down the barriers to building and providing financial services in record time”, and to “transform and revolutionize the financial services landscape”.
The solution is based on Monese’s retail banking experience (it claims over two million customers across Europe) and its modular Banking-as-a-Service (BaaS) platform.
The “coreless” banking platform “unlocks endless possibilities”, Monese claims, with its microservices architecture, eight “foundational engines” and a partner ecosystem that offers 172 possible services.
Launched in 2015, Monese is backed by PayPal Ventures, Augmentum, Kinnevik, and HSBC, among other investors.