XYB, the leading coreless banking platform, has strategically strengthened its lending proposition by welcoming a highly skilled team from Bankish, renowned for its innovative lending solutions. Hiring this team will significantly enhance XYB’s lending capabilities and accelerate the advancement of its next-generation lending engines.

The newly onboarded team brings extensive experience in financial technology and lending solutions. Their deep market insights and advanced technological expertise will significantly elevate XYB’s current offerings and pave the way for exciting new developments.

This move reflects XYB’s unwavering commitment to providing its clients with the most cutting-edge and efficient banking platform and its dedication to continuous innovation.

The global lending market reached USD 10.5 trillion in 2023, and projections indicate that it could hit USD 15.3 trillion by 2028. XYB’s decision to invest further and expand its lending capabilities follows the new leadership’s commitment to supporting the growing lending market, which currently lacks modern technology and is reliant on outdated legacy systems.

XYB’s platform stands out in the market due to its unique modular architecture, featuring independently deployable components that are highly configurable and scalable. This enables safe innovation and progressive modernisation in banking. Unlike other monolithic and distributed monolithic systems, the flexibility of XYB’s platform allows it to quickly onboard entire teams of experts to address specific problem spaces, ensuring a rapid response to market demands. This approach results in the fastest time to value – a critical measure of success for financial institutions today.

XYB will leverage the new team’s extensive experience and proven track record in developing digital lending solutions. The new team members are highly skilled in product engineering and product management, bringing invaluable expertise to XYB. Among them are Marek Piller, an established technology leader with strong credit domain expertise; Ian Kalla, a dedicated business and lending expert; and Raul Rebane, a seasoned credit solutions architect. All are known for creating impactful solutions in the financial services industry.

Derek Joyce, the newly appointed CEO of XYB, commented: “The banking platform market is currently underserved, with many traditional players continuing to offer outdated, inflexible solutions. However, there is a vast, untapped market for embedded finance and lending services, presenting significant opportunities for innovation in banking. With our latest enhancements, our clients will be able to launch a diverse range of lending options swiftly, capture more market share, and significantly boost customer satisfaction.”

Joyce is leveraging his extensive experience building innovative lending services at fintechs Bread and Klarna to ensure that XYB’s lending capabilities meet the needs of this rapidly evolving market.

Jonas Kiiver, CTO of XYB, said: “We are delighted to welcome this exceptional team to XYB. Their expertise and innovative mindset align perfectly with our mission to push the boundaries of what is possible in the financial technology space. Together, we will build the next generation of lending engines to set new speed, efficiency, and customer satisfaction standards.”

XYB’s bolstered lending functionality will enable banks to leapfrog the limitations of legacy and modern legacy IT architecture, offering end-to-end lending lifecycle management, including applications, risk scoring, originations and decisioning, servicing, reporting, and collections across both secured and unsecured lending products.

Joyce added: “We can add value to clients much faster with the only componentised lending proposition in the market. Nobody else in the market has built anything like this, which is what attracted me to take the lead at XYB. With the addition of the team’s new members to our already-strong lending capabilities, XYB is ready to liberate banks from the outdated lending processes they have been stuck with for too long.”

XYB’s coreless banking platform is gaining traction among major financial institutions by enabling them to adopt new, modular services. For example, it allows them to modernise specific components, such as the interest engine, rather than overhauling the entire loan management system, which is riskier and takes longer to deliver results.

XYB’s coreless banking proposition has been successfully deployed by Tier 1 and neobanks, enabling them to achieve the fastest time to value and progressive transformation to enhance customer experience and operational efficiency with the least risk.