DNB extends investment in new 11:FS platform
Following a successful proof of concept phase, Norway’s DNB has extended its investment in challenger firm 11:FS, reports Jane Connolly.
DNB will also build new services on 11:FS Foundry, which was built in just eight months. The financial details of the deal were not disclosed.
11:FS Foundry is a complete banking architecture that offers a modular, ledger-first set of components to deliver secure, digitally-native propositions quickly and to scale.
“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,” says 11:FS Foundry CEO, Leda Glyptis. “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.”
The company says that 11:FS Foundry benefits include the ability to configure the platform to individual requirements, the flexibility to use adaptable microservices and no reliance on vendor roadmaps.
Built with industry-proven cloud platforms and tools, it also avoids supplier lock-in.
Leda Glyptis adds: “11:FS Foundry is digital all the way down, which means higher service development efficiency, lower total cost of ownership for high quality, digitally native services and no compromise to either your current or future business.”
Glyptis states that customers can stand up a proposition entirely on the platform. “Replacing legacy infrastructure where it is opportune to do so for agility, scale, speed, efficiency and real-time connectivity.”
Rasmus Figenschou, group executive vice president for new business at DNB, said that building new services on the platform would provide insight on how DNB could use the technology going forward.
