10x Banking will supply the core ledger for Pay+, a new payments product from Tungsten Automation.

10x says this is the first time its ledger will run in a platform that is not a regulated financial institution.

The firm’s clients include Westpac and Chase UK. The deal takes 10x past banks and building societies and into embedded finance, where financial services are built into other software.

Tungsten’s software handles invoices and accounts payable. Pay+ adds payments, so users can create, send and reconcile them in one place.

Invoice and supplier data direct each payment to the right provider or rail across Tungsten’s regulated partners.

Each Pay+ transaction is logged on the 10x ledger in real time. According to 10x, this will clear the backlog of reconciliation work at the end of each period.

Records can show the provider, rail, payment type and fees. The ledger sits on Tungsten’s own systems, so the company keeps full control of its data.

A core team of four set up the system and built the API link in under three months. Tungsten engineers directed an AI agent that did the work.

“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,”

said Olly Richards, SVP of Commercial and Strategy at 10x Banking.

“Finance teams trust Tungsten with their invoices, and Pay+ extends that trust to the payments that follow,”

said Andrew Ng, Head of Payments and Embedded Finance at Tungsten Automation.

Pay+ is due to be generally available in the UK and US in the first quarter of 2027.

Featured image: Edited by Fintech News Switzerland, based on image by Frolopiaton Palm via Magnific.