The convergence of technology advancements, changing regulatory and governance norms, and burgeoning customer expectations have brought the financial industry to a pivotal juncture. As the digital revolution continues to dominate the financial industry landscape, banks are collaborating with nimble and innovative fintechs to thrive in the hyper-connected world.
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An industry leading Open Banking API platform, powered by a BIAN compliant microservices based architecture.
Turning data into insight by leveraging AI, which enables the streamlining of commercial banking processes, improves customer service and reduces risks.
The intelligent and automated handling of regulation-related processes through new age technology solutions for AML5 compliance, transaction monitoring, KYC, reporting workbenches, risk monitoring, model validation and LIBOR Remediation.
A next-gen cyber-security solution in an Open Banking world.
An array of secure collaboration value chain solutions that gives financial institutions the ability to redefine their client engagement models.
Combining our deep technology capabilities with our vast domain experience, Virtusa offers unique solution accelerators across the
corporate banking value-chain.
As we were writing this piece, JPMorgan Chase, Berkshire Hathaway and Amazon announced the hiring of Serkan Kutan, previously CTO at online medtech company Zocdoc. Kutan will be the chief technology officer for the digital health-insurance provider on which the three companies began collaborating in January 2018.Read More
If you’ve listened to Open Banking debates over the last eighteen months, you’ll be used to hearing how banks will lose out to newer, nimbler, more technologically adept fintech competitors. Business models will be undermined, services disaggregated, customers poached.Read More
To many, the impending Second Payment Services Directive (PSD2) legislation, going into effect September of 2019, means increased competition and the threat of an upsurge in customer switch rates for banks and financial institutions. Despite the recent hype, there is opportunity for banks to turn this obligation into business opportunities within the corporate space.Read More
As per PwC’s 2018 Global Economic Crime and Fraud Survey, 49 percent of the global companies interviewed had been victims of fraud or economic crime, up from 36 percent reported in 2016. Moreover, 58 percent of financial institutions (FIs) encountered regulatory enforcement or inspection within the last few years.Read More
Anti-money laundering (AML) compliance failures amassed $1.7 billion in fines in the first half of 2018 with over $1 billion of that resulting from actions taken by US prosecutors and regulators, according to the 2018 Mid-Year Anti-Money Launder¬ing Review and Outlook by Debevoise & Plimpton.Read More