11:FS builds the banking platform of the future with 11:FS Foundry
By FF Newsroom · 12 June 2019
11:FS, the challenger firm defining and building digitally native financial services through technology, product and design expertise, today announced further developments in its banking platform, 11:FS
Foundry. 11:FS Foundry offers a modular, ledger-first set of components that deliver secure, digitally-native propositions to scale and at speed.
DNB, Norway's largest financial services group, will be extending its investment in 11:FS Foundry and has committed to building new services on the platform, with an initial focus on loans.
“DNB is very pleased with the partnership with 11: FS and the development process of Foundry. Our development teams have worked closely together over the past six months, and based on a successful proof of concept, we are now ready to move to the next milestone of beginning early stage implementation. Implementing Foundry in DNB's systems will give us valuable insight in better understanding how we can use this technology going forward,” said Rasmus Figenschou, Group executive vice president for New Business at DNB.
This commitment is the result of the 11:FS Foundry team surpassing all of the bank’s technical evaluation criteria during a thorough proof of concept phase. 11:FS have built an entire banking architecture from scratch, from initial platform proposition, through development and to live payment transactions in less than eight months.
“We built 11:FS Foundry to unleash the potential of an industry crying out for change, to let them bypass legacy infrastructure and complexity constraints. We have shown what is possible in a matter of months and how banks can deliver new digital services to their customers more efficiently and cost effectively, reducing time to market, complexity and risk,” commented Leda Glyptis, CEO at 11:FS Foundry.
“In such a short period of time, the 11:FS Foundry team has created something truly extraordinary that we believe will change how both incumbent and challenger banks define, build and deliver intelligent digital banking services,” added David M. Brear, 11:FS Group CEO. “As you would expect from us we’ve also done it in a unique way. Rather than looking for VC backing, and all that this brings, we wanted a partner who shares our passion and vision for changing this industry and building services in a much better way. We have truly found that partner in the team at DNB.”
11:FS Foundry delivers significant advantages compared to existing provider and challenger platforms:
- Configurable to individual requirements: deploy an entire banking stack, or select services using components to build the perfect product for your customers’ needs.
- Flexible by design with adaptable microservices: multiple instances can utilise out of the box services, build your own, or from suppliers from around the world for capabilities, eg, KYC, credit scoring fraud screening, payment processing.
- Remove reliance on vendor roadmaps: the platform upgrades itself, with additional services added seamlessly and continuously. No added cost or effort is required to receive new business benefit that Foundry deploys to its core.
- Avoid supplier lock in: offering the flexibility and determination over propositions and services, everything is built using industry proven cloud platforms and tools.