Monese, a leading pan-European fintech that offers smart money services to millions of consumers across Europe, announces the launch of XYB, an end-to-end ‘coreless’ banking platform provider, enabling banks and non-banks to break down the barriers to building and providing financial services in record time. XYB is aimed at addressing a market gap in the core banking space of high dependence on costly yet incomplete traditional core banking systems. The global market potential for this space is estimated to be around £700 billion. Available initially in the United Kingdom and Europe XYB is also set to launch its platform in the North American and Asia Pacific markets.

Servicing millions of customers across Europe and UK, and backed by investors like PayPal Ventures, HSBC, Kinnevik, Investec, Augmentum, and others, Monese has utilised its modern retail banking experience and the early success of its modular BaaS technology platform to create XYB which promises to enable the new generation of financial services to all.

XYB’s ‘coreless’ banking platform unlocks endless possibilities for banks and non-banks with highly configurable and scalable microservices architecture, partnering with the best in the industry to offer 172 possible services, and eight foundational engines. This eliminates the dependency on a traditional core banking system.

The ‘coreless’ banking platform fills a gap in the market by enabling banks and non-banks to make new financial services solutions accessible in record time. This is achieved by removing dependencies on legacy technology and processes, leveraging highly configurable and scalable microservices architecture, and providing a turnkey solution with a pre-integrated partner ecosystem.

Investec was the inaugural customer to leverage XYB's cutting-edge coreless banking platform, which in under twelve months facilitated the swift and efficient development of a new current account offering for their business clients. This successful implementation highlights the efficiency and effectiveness of XYB in enabling businesses to bring to market new financial products and services quickly and easily.

Atul Choudrie, previously Managing Director of Monese’s BaaS business, is appointed the CEO of the newly formed XYB to lead the growth of the ‘coreless’ banking platform. Atul is a seasoned fintech executive with a deep knowledge of payments, fintech and digital transformation across banking services.

Commenting on the launch, Norris Koppel, Monese Founder and Group CEO, 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.

“With his experience spearheading Monese's BaaS platform business, Atul Choudrie's appointment as CEO at XYB is a natural fit for our vision of enabling the new generation of financial services.”

Atul Choudrie, CEO, XYB said: "I am thrilled to introduce XYB's coreless banking ecosystem to the market, a true game-changer in the industry. By building a vibrant ecosystem of partners, XYB empowers financial institutions to unlock new opportunities, deliver tailored financial services that meet diverse customer needs, revolutionising the way financial services are delivered. 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."

Chris Skinner, an independent commentator on financial markets and fintech, 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.”

Lyndon Subroyen, Global Head of Digital & Technology at Investec said: “Our work with the Monese BaaS platform, now part of XYB’s product portfolio, enabled our organisation to complete a current account offering from scratch for business customers within record time, taking less than twelve months from brief to execution. We have ambitious growth plans and look forward to continuing our work with XYB as we continue to respond to the needs of our customers.”

Tim Levene, CEO at Augmentum said: “As a long-standing investor in Monese, we are pleased to support XYB in their mission to transform the banking landscape. With their pioneering technology and extensive experience, XYB is poised to revolutionise the industry and redefine how people engage with financial services. We look forward to seeing the transformative impact we are confident they will have across the banking sector.”