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Monese to offer “coreless” banking platform through new entity, XYB

Monese, a pan-European banking services provider, has launched XYB, a fintech subsidiary that offers an innovative “coreless” banking platform. XYB aims to revolutionize the financial services landscape by breaking down barriers and providing financial services in record time.


  • Monese launches XYB, an end-to-end “coreless” banking platform provider.
  • XYB aims to transform and revolutionize the financial services landscape, helping banks break down barriers and provide services quickly.
  • The solution is built on Monese’s retail banking experience and modular Banking-as-a-Service (BaaS) platform.
  • The “coreless” banking platform offers endless possibilities with its microservices architecture, eight foundational engines, and a partner ecosystem with 172 possible services.
  • Investec, an investor in Monese, became the inaugural customer to leverage the XYB banking platform, developing a current account offering for business customers within a record time of less than twelve months.
  • Monese identifies a market gap in the core banking space, with high dependence on costly yet incomplete traditional core banking systems. The global market potential for this space is estimated to be around £700 billion.
  • XYB is initially available in the UK and Europe, with plans to expand its launch to North America and the Asia Pacific region.
  • Atul Choudrie, previously managing director of Monese’s BaaS business, has become the CEO of XYB, the newly formed entity
  • Monese is backed by investors such as PayPal Ventures, Augmentum, Kinnevik, and HSBC, which invested $35 million in Monese last year

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