SOUTHBOROUGH, Mass. – (May 18, 2021) – Virtusa Corporation, a global provider of digital strategy, digital engineering, and IT services and solutions that help clients change and disrupt markets through innovation engineering, today unveiled new partnerships with Sedicii and Custodigit. Through these new alliances, Virtusa expands on its commitment to helping banks and financial services companies succeed in their digital transformations.
According to a 2020 Valuates Report, the global online banking market size is projected to reach $20.5 Billion by 2026, up from $9.1 Billion in 2019. The accelerated adoption of online financial products and services is pushing providers to continue introducing new features and capabilities while remaining compliant with industry and government regulations.
Sedicii Innovations Ltd., the pioneer in digital identity and fraud prevention solutions, is launching a suite of products and services with Virtusa that allow banks and insurers to instantly and securely onboard individuals and businesses as customers. Sedicii enables businesses to avoid paper-based processes for loans, insurance services and account opening, which helps customer acquisition and retention for banks and insurers while reducing costs.
Through a combination of Virtusa’s Digital Product Workbench with KYCexpert, Sedicii’s onboarding and identification technology, the companies will deliver a certified touchless onboarding capability allowing consumers to control their data and accounts online, while ensuring that identity and verification checks are seamlessly updated and secured. As a result, consumers can make transactions online safely and without friction.
“In 2020, we witnessed a spike in the adoption of online banking due to the COVID-19 pandemic. This growth included many people who previously had been reluctant to stray from the more traditional methods of banking,” said Ashish Devalaker, Managing Director and Head of Europe, UK and Middle East, at Virtusa. “While some consumers will return to the old ways, the vast majority will look to further entrench these digital asset services into their daily lives. Through these partnerships, we add another set of critical capabilities to help banks further their digital asset capabilities and meet the needs of their growing online customers.”
Virtusa today also introduced its partnership with Custodigit to help provide an easy and secure way for regulated financial service providers to offer digital assets to their client. The World Economic Forum expects the market of globalized tokenization on the blockchain to reach $24 trillion by 2027. The rise in institutional adoption for digital assets such as Bitcoin is expected to further accelerate this trend.
Together, CustoDigit and Virtusa are offering a digital assets platform that allows regulated financial institutions, to provide digital assets services to their customers. The Custodigit ‘Institutional Digital Asset’ platform provides the required functionality needed to provide a secure digital asset market service offering in an end-to-end approach. The out-of-the-box business functionalities and software-as-a-service ( SaaS) service delivery model (operated by Swisscom) enables banks to focus on the market opportunity and getting access to digital asset in a secure, efficient and compliant way at a attractive cost basis. Clients of Custodigit are for example Sygnum, the first digital asset bank which got a banking license from the Swiss regulator FINMA.