11:FS Foundry’s launch brings digital to banks
Consultancy firm 11:FS has launched 11:FS Foundry, an approach to delivering digital banking services through a modular core banking architecture. It kicks off with the partnership with DNB, Norway’s financial services group, which has also become an investment partner.
DNB and 11:FS team up
DNB has invested £3 million for a 5% stake in 11:FS Foundry. This investment represents the long-term commitment between 11:FS and DNB to change how banks deliver digital banking services, the two companies say.
“The first task for this partnership will be to see if we can optimise the value chain for unsecured credit at DNB,” says Rasmus Figenschou, group executive vice-president for new business at the bank.
“Norway is a global leader in the use of digital services across the board and is the ideal location for designing, building and delivering the next generation of banking services,” adds David Brear, CEO of 11:FS.
11:FS Foundry aims to bring digital, personalised services and experiences to market far faster than traditional methods and at significantly less cost.
It uses cloud-based technology and a modular approach, allowing customers to deploy an entire banking stack, or select services, depending on their strategy.
It also claims to improve service development efficiency and deliver a lower total cost of ownership for digital services. It also claims to offer a higher level of IT security, based on a “zero-trust security” model, built to be encrypted and GDPR compliant.
Banks that have already invested in banking systems, or cannot easily build on their underlying infrastructure can also use 11:FS Foundry to launch new digital offerings in a gradual and modular way, the consultancy firm adds.
