10x Banking Enters Embedded Finance with Tungsten Automation's Pay+ Integration

10x Banking has partnered with Tungsten Automation to provide the core ledger for Pay+, a new embedded payments solution. This marks the first time 10x’s core banking technology has been deployed by a non-regulated financial institution, signaling a significant shift for the platform as it moves beyond traditional banking into the broader embedded finance market.

What was announced

The partnership centers on Pay+, Tungsten’s new embedded payments proposition designed to extend its accounts payable (AP) capabilities into a comprehensive invoice-to-pay solution. By integrating 10x Banking’s core ledger, Pay+ brings the creation, execution, and reconciliation of payments into a single workflow. The system uses invoice and supplier data to orchestrate payments through various providers or rails across Tungsten’s network of regulated payment partners.

A key feature of the implementation is the ability to attach rich payment and commercial data—including the provider, rail, category, and associated charges—to every transaction. Because the 10x Banking core ledger records every transaction across the Pay+ ecosystem in real time, it enables context-aware reconciliation, which aims to eliminate traditional end-of-period backlogs.

The deployment was achieved through an AI-led delivery process. A core team of four people used an AI agent, directed by Tungsten engineers, to deploy the 10x environment and build the entire API integration in less than three months. The ledger is self-hosted within Tungsten’s own infrastructure, allowing the company to maintain full control over its transaction data and payments infrastructure. Pay+ is expected to be generally available in the United Kingdom and the United States in the first quarter of 2027.

"Our technology was built for the world’s largest banks and this partnership with Tungsten Automation shows it can do far more than power traditional banks and building societies. Tungsten already owns the invoice and customer relationship, by embedding our ledger into Pay+, it can extend that into payments without becoming a bank itself. That is the promise of embedded finance, and the fact that the whole thing was deployed and integrated by AI shows how quickly it can now be done."

Olly Richards, SVP, Commercial & Strategy, 10x Banking

The companies involved

10x Banking is a provider of fourth-generation core banking technology, designed to support the digital transformation of major financial institutions. The platform currently powers the operations of some of the world’s largest banks, including Westpac and Chase UK. Founded with the goal of moving financial services away from legacy infrastructure, 10x focuses on providing a cloud-native, scalable ledger system that can handle high-volume transaction data with precision. The company has established a significant presence in the market, with its technology now managing millions of live accounts for global banking leaders.

Tungsten Automation, owned by Clearlake Capital Group, is a global leader in intelligent document and accounts payable automation. The company specializes in streamlining the processing of invoices and financial documents for large enterprises, helping finance teams automate complex manual workflows. By launching Pay+, Tungsten is moving from document management into the direct orchestration of payments. This move leverages its existing relationships with corporate finance teams to offer a more integrated financial technology stack. The collaboration with 10x represents a strategic expansion for Tungsten as it builds out its own payments infrastructure to compete in the growing embedded finance sector.

What FF News has reported before

FF News has closely followed the growth of 10x Banking, which recently achieved a significant profitability milestone marked by 30% ARR growth and the management of 10 million live accounts. This financial stability was further bolstered in August 2026 when 10x Banking secured £40m investment from AshGrove Capital. Earlier in 2026, the company celebrated its 100th release and Version 10.0 milestone, highlighting the rapid pace of its platform development. Additionally, the firm has been active in enhancing its migration capabilities, notably through a partnership with Validata to improve digital banking data migration using AI-driven tools.

What this means

This announcement signals a maturing of the core banking market, where high-tier infrastructure is no longer the exclusive preserve of regulated banks. By decoupling the ledger from the banking license, 10x is challenging the traditional boundaries of fintech service providers. For the industry, this puts pressure on specialized embedded finance providers who may lack the "bank-grade" robustness that 10x brings from its work with Chase and Westpac. The use of AI to slash integration times to under three months also sets a new benchmark for enterprise software deployment, raising questions about whether legacy vendors can continue to justify multi-year implementation cycles in an increasingly automated environment.