Stay ahead of the disrupted payments landscape

Over the last three years, over $2 billion has been invested into expanding the payments industry due to the technological disruption that has taken place. The pace of investment is accelerating with the confluence of changes on account of – Innovation (APIs, Open Banking, P2P), Standards (SWIFT GPII, NPP) and Regulatory (PSD2) commitments. Payments around the world are undergoing radical transformation across the entire value chain right from the way we initiate payments to the clearing and settlement mechanisms. In order to avoid falling behind, banks need adopt these disruptive payment strategies in order to maintain a competitive advantage. With over 25 years of experience in payments industry, Virtusa has utilized built technology solutions and implemented transformational programs for its clients in just about every facet of the payment spectrum.

Key Solutions

Digital Payments

Improving customer satisfaction through digital payments

Digital Payments

With rising cost pressures and ever-increasing customer expectations, banks are working towards driving efficiency while at the same time delivering instant customer gratification. Payments around the world are undergoing radical transformation across the entire value chain. Virtusa digital payments solutions helps clients with the strategies they need to transform their digital out (UX) and digital-in (platform) areas. Our solutions span mobile payments, electronic billing, third-party wallets, cross-border payments, and payments through IoT devices and wearables.

As a case in point, Virtusa is helping a leading bank in Australia to become NPP compliant.

Mobile Payments

Enhancing customer gratification through mobile payments

Mobile Payments

With an increasingly transient customer base, banks are working towards creating stickiness through a variety of apps and platforms. Payments around the world are undergoing radical transformation across the entire value chain and one key area of focus is mobile payments. Virtusa’s framework helps banks to deliver their own brand of mobile payment solutions, integrating them into existing banking apps and reaffirming the trusted relationship between financial institutions and their customers. With accelerators for tokenization, mobile wallets, and mPOS, we enable a swift time-to-market delivery.

Our value proposition:

  1. Technology architecture that is agnostic to different types of token requestors, issuers and payment networks
  2. Out-of-box integration with Visa, MasterCard, Amex, JCB, Diners Club, China Union Pay, Apple Pay, Google Pay, Samsung Pay, and PayPal

Partnership with different mobile software vendors including mZeal, DMI and BlueBox

Smart ATMs

Delivering customer delight through intelligent interfaces

Smart ATMs

As banks reel under significant cost pressures, they are turning their attention towards self-service solutions that can help enhance customer engagement. ATMs are emerging as a key area of innovation for banks as they can deliver services traditionally offered by the branch. Virtusa’s NextGen ATM is a lightweight solution developed to be compatible across devices and browsers and allows banks to integrate new technologies to offer a rich customer experience. The solution lets banks free up staff so that they can engage in higher-value activities such as advisory and sales conversations.

Our value proposition:

  1. A scalable and flexible architecture that has clear separation of application layers with an inbuilt strong security framework
  2. A platform independent solution that is supported on Linux, Windows and MacOS
  3. ATM Vendor Independent wherein the hardware can be upgraded or replaced without affecting the application layer.

Watch our Smart ATM Solution video here.

Real-Time Payments (RTP)

Improving regulatory compliance and enhancing customer transparency

Real-Time Payments (RTP)

With rising cost pressures and ever-increasing customer expectations, financial institutions are working towards driving efficiency, improving customer transparency and regulatory compliance. The Virtusa Real-Time Payments (RTP) solution helps you track payments on the fly regardless of payment type – P2P / B2B or device used. Our RTP accelerators and highly-experienced RTP team works with you to implement a superior payments system that provides the efficiency and assurance you need to run operations while providing an amazing customer experience.

As a case in point, Virtusa is helping a leading bank in Australia to become NPP compliant.

PSD2 and Payment Microservices

Quickly launch differentiated offerings that improve customer retention

PSD2 and Payment Microservices

Banks in the EU have to be compliant with Payment Service Directive 2 (PSD2), a regulation requiring banks to open up access to accounts and give customers the ability to initiate payments via third-party providers (TPP). While this may seem like a small regulation, it points banks in the direction where they have to proactively think about how the pace of innovation is creating an overarching need to move towards open API banking and microservices. Virtusa, with its OpenBank API accelerators, has the depth and breadth capability to help your organization become not just PSD2 compliant, but also be at the forefront of the open API banking revolution.

Our value proposition:

  1. A curated list of APIs from over 50 innovative fintech companies
  2. Vetted by the Banking Industry Architecture Network (BIAN) as an industry consultant for BIAN compliant APIs
  3. Strategic partnerships with firms such as – akana, apigee, ca technologies, IBM apiconnect, MuleSoft and Open Bank Project.

 

As a case in point, Virtusa is building a payments services platform to help a large Nordic bank retain client relationships in the post PSD2 world.

Payment Hubs

Reduce platform costs and improve payments visibility across the enterprise

Payment Hubs

With rising cost pressures and ever-increasing customer expectations, financial institutions are working towards driving efficiency, improving customer transparency and regulatory compliance. Virtusa’s Payment Hub provides banks the ability to consolidate their payments strategy across multiple product lines using a shared infrastructure. This enables the bank to get an enterprise-wide view of customer relationships resulting in a single version of truth around payment and transaction details. Using a unique combination of technologies such as workflow automation, digitization, mobile and online channels, we help build payment hubs that manage different transaction lifecycles on a global basis.

Our value proposition is our proprietary consulting and implementation framework that maps functional architecture across all product lines, isolating specific functionalities, and re-engineering processes to maximize throughput.

As a case in point, Virtusa is helping a leading bank in Australia to become NPP compliant.