XYB resolves bank-building barriers with GenAI through Google Cloud partnership
XYB has tapped Google Cloud to integrate generative AI and machine learning tools into its ‘coreless’ banking platform.
The integration seeks to enable the platform provider’s users, including banks, non-banks and fintechs, to leverage the technologies in the creation of “innovative and compliant financial products”, specifically through the application of generative AI in assisting operations teams in data investigations, and in connecting risk users to natural language tools to identify, amend and create risk policies, with additional support from XYB’s sandbox.
In essence, the partnership aims to lower the necessity for human intervention, and thus the operational cost, in the creation of new “hyper-personalised” financial products and initiatives.
XYB was launched by London-headquartered banking services provider Monese back in May. Fitted with microservices architecture, eight “foundational engines” and a partner ecosystem, XYB embodies Monese’s attempt to “break down the barriers to building and providing financial services”, and claims to support 172 possible services.
Commenting on the partnership, XYB CEO Atul Choudrie, claims it will enable its users to access “an unprecedented realm of advantages derived from the constant evolution of our ‘coreless’ banking technology”, while CTO Jonas Kiiver emphasises how it will “break down the barriers to building banks”.
Adding to this, Rodrigo Rocha, director of global partnerships at Google Cloud, anticipates the partnership to have “a positive impact for financial institutions looking to enhance customer experiences with generative AI”.