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UK core banking technology vendor 10x Banking is extending its reach to embedded finance having been selected to power Pay+, which is a new payment orchestration tool built within the Invoice-to-Pay (I2P) platform of Tungsten Automation.
Pay+ uses data from supplier invoices, including billing terms and risk profiles, to schedule payments based on the cost and speed of different payment rails. End data is then matched with internal accounting ledger systems for reconciliation.
The software layer is the final part of the accounts payable suite created by Tungsten Automation. It takes data from InvoiceAgility+, which launched in September and automate bill data collection, and Supplier+, which manages vendor profiles.
The Tungsten Automation platform is used by over 25,000 enterprise clients across 32 countries. The company was initially created in 1985 as Kofax Image Products.
10x Banking is providing Pay+ with its Fabric core ledger technology as a transaction system of record. 10x Banking marks the collaboration as "its first deployment inside a platform that is not a regulated financial institution". Fabric is also used by Chase UK and Westpac.
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Pay+ and its licensed banking partners have now gone live with a self-hosted model of Fabric. The deployment was completed in under three months and involved a four-person team working with an AI agent directed by engineers from Tungsten Automation.
Pay+ is set to go-live in the US and UK in Q1 2027, with availability in additional countries planned throughout 2027.
About the Author
Senior Reporter, FinTech Futures
Tyler Pathe is a financial reporter, moderator and investigator with a specific interest in financial technology, banking and the financial industry's latest innovations.