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
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