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Virtusa > Virtusa News room > Press Releases > Virtusa Collaborates with BIAN to develop an API Exchange to Support the Open Banking Movement

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Virtusa Collaborates with BIAN to develop an API Exchange to Support the Open Banking Movement

Southborough, MA, USA – (October 24, 2018)Virtusa Corporation (NASDAQ GS:VRTU), a global provider of digital strategy, digital engineering, and IT outsourcing services, that accelerates business outcomes for its clients, today announced its collaboration with the Banking Industry Architecture Network (BIAN) to launch BIAN’s API Exchange.

BIAN’s API Exchange, developed collaboratively by a group including Virtusa, BIAN member banks, and IT businesses, is an open, flexible, enterprise-grade computing platform built on the Microsoft Azure cloud infrastructure. The exchange currently features over 65 standardized API definitions that allow banks to reduce the complexity of building and delivering open banking capabilities by providing clear guidance on how to implement innovative and intuitive digital services across both back-end and customer-facing functions.

“We are privileged to support BIAN’s Open Source ecosystem using our strong experience and expertise in building digital innovation platforms for banks and supporting Open Source products and communities in general,” said Senthilkumar Ravindran, executive vice president and global head of Innovation Labs, Virtusa. “We strongly believe that BIAN is moving in the right direction to introduce and apply their standards in the form of Open Source APIs and microservices. Not only will it help realize the benefits of standardization, but it will also achieve rapid acceleration in integration, quality assurance, and partnerships within the banking industry.”

The BIAN API Exchange was built on Virtusa’s Open Innovation Platform and features gamification to boost the right community behaviors. The gamified environment is designed to promote healthy and measurable meritocracy to enhance collaboration and contribution amongst the BIAN community.  Further, the API Exchange will allow banks to modernize their critical legacy infrastructure and adopt standardized frameworks to facilitate more open and easy collaboration with FinTechs and RegTechs. BIAN’s API Exchange also consists of community-building collaboration tools such as wikis, forums, and ideation billboards where API and microservice creators and consumers can collaborate dynamically to create and use BIAN-based API implementations.

“BIAN and its members have been working for over a decade to build standardized banking frameworks that make it easier for banks to overcome the wide array of complexities that come with modernizing services, “said Hans Tesselaar, executive director at BIAN. “With the launch of the API Exchange, we are convinced that we make it easier than ever for banks to deliver innovative and high-quality services that meet customers’ increasing expectations. We are incredibly grateful to Virtusa for the critical role they have played in creating the API Exchange. Without the input of member organizations such as them, our quest for driving the modernization of the banking industry would be out of reach.

Combining 25 years of rich industry experience, covering retail, corporate, capital markets, cards & payments, and risk & compliance, with leading digital engineering capabilities that include mobile, data, cloud, UX, microservices, AI, and robotics, Virtusa has helped leading global banks deliver unparalleled customer experience and support digital innovation. Through its Digital Innovation Labs, Virtusa has been enabling banks and financial services firms to leverage disruptive technologies to accelerate their tech innovation and business transformation. The Innovation Lab combines design thinking and digital engineering to reduce time and costs associated with identifying, evaluating, and exploiting new technologies to create competitive advantage for its clients.

For more information on Virtusa Digital Innovation Labs, please visit www.virtusa.com/innovation

For more information on BIAN’s API Exchange, please visit www.portal.bian.org

About BIAN
Established in 2008, the Banking Industry Architecture Network (BIAN) is an independent, member owned, not-for-profit association, designed to build and promote a common architectural framework for banking interoperability issues. BIAN’s goal is to define SOA and semantic definitions for IT services in the banking industry. The community, of over 70 members, focuses on creating a standard semantic banking services landscape, while ensuring consistent service definitions, levels of detail and boundaries. This will help banks to achieve a reduction of integration costs and use the advantages of a service-oriented architecture.

Financial institutions, software vendors, and system integrators, along with technology partners, are invited to join the association and play a collaborative role with other industry leaders in defining, building and implementing next-generation banking platforms.

About Virtusa Corporation

Virtusa Corporation (NASDAQ GS: VRTU) is a global provider of Digital Business Transformation, Digital Engineering, and Information Technology (IT) outsourcing services that accelerate our clients’ journey to their Digital Future. Virtusa serves Global 2000 companies in Banking, Financial Services, Insurance, Healthcare, Telecommunications, Media, Entertainment, Travel, Manufacturing, and Technology industries.

Using a combination of digital strategy, digital engineering, business implementation, and IT platform modernization services, Virtusa helps clients execute successful end-to-end digital business transformation initiatives.

Virtusa engages its clients to re-imagine their business models and develop strategies to defend and grow their business by introducing innovative products and services, developing distinctive digital consumer experiences, creating operational efficiency using digital labor, developing operational and IT platforms for the future, and rationalizing and modernizing their existing IT applications infrastructure. As a result, its clients are simultaneously able to drive business growth through digital-first customer experiences, while also consolidating and modernizing their IT application infrastructure to support digital business transformation.

Holding a proven record of success across industries, Virtusa readily understands its clients’ business challenges and uses its domain expertise to deliver innovative applications of technology to address its clients’ critical business challenges. Examples include building the world’s largest property & casualty claims modernization program; one of the largest corporate customer portals for a premier global bank; an order to cash implementation for a multinational telecommunications provider; and digital transformation initiatives for media and banking companies.

Founded in 1996 and headquartered in Massachusetts, Virtusa has operations in North America, Europe, and Asia.

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Contact: Amy Legere
Organization: Greenough
Email: alegere@greenough.biz
Phone: (617) 275-6517