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NZ’s The Co-operative Bank Partners with 10x Banking to Modernise Core Systems

Written by IWK Bureau | Aug 11, 2025 4:44:04 PM

The Co-operative Bank in New Zealand has chosen UK-based vendor 10x Banking’s core banking platform to replace its ageing infrastructure in a bid to “improve efficiency and accelerate digital innovation”, reports Fintech Futures. The move marks 10x’s first client in New Zealand.

The full-platform migration aims to provide “a foundation for faster innovation, simpler products, and more intuitive digital services” for the bank’s more than 180,000 customers across the country. The project will be rolled out in phases to minimise disruption, with the first member benefits expected to be visible from late 2026.

Previous core technology changes at The Co-operative Bank included the adoption of Unisys Corporation’s ClearPath Forward systems in 2016 and New Technology Business Solutions’ NTBS Banking core in 2008.

“Our current system has served us well, but banking is changing fast,” said Mark Wilkshire, CEO of The Co-operative Bank, as reported by Fintech Futures. “This is a long-planned investment in the future of our bank. As a small New Zealand bank, we have the advantage of being nimble and we’re aiming to implement the latest core banking technology over the next three years.”

Founded in 2016 by former Barclays chief executive Antony Jenkins, 10x Banking has been involved in several large-scale transformation projects. In May this year, it was engaged to deliver a “multi-phase transformation strategy” for West Brom Building Society, the UK’s eighth-largest building society, in partnership with Deloitte. This came amid reports from Sky News that the London-headquartered firm was exploring a possible sale of its business.