JP Morgan’s consumer and commercial banking business Chase has partnered with 10x Banking, the London-based fintech founded by former group CEO of Barclays Antony Jenkins, to build a digital banking platform.
10x and Chase have been working together over the past two years to create the technology platform that is behind Chase’s entry into the UK retail banking market.
Cloud-native banking technology business 10x said that the platform provides a “scalable architecture” from which to build a range of banking products as Chase develops its retail banking proposition for UK customers.
Sanjiv Somani, chief operating officer at International Consumer, JPMorgan Chase’s retail consumer banking arm outside of the US, said: “As one of our foundational partners, 10x has been instrumental in building the technology platform.
“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.”
Earlier this month, JP Morgan Chase launched its new digital bank in the UK under the Chase brand, having become the largest consumer bank in the US, where it provides financial services to more than 60 million households.
Jenkins, CEO and founder of 10x, added: “Chase’s entry into the UK retail banking market represents a significant moment for customers and the industry. We’re pleased to work jointly with Chase to deliver the modern and scalable banking platform that will help it realise its ambitions of becoming a major force in retail consumer banking.”