Virtusa and Thought Machine developed the SME Customer Onboarding Platform to streamline and enhance the onboarding process for small and medium-sized enterprises (SMEs) in the financial industry.
SOUTHBOROUGH, Mass., Aug. 9, 2023 -- Virtusa Corporation, a global provider of digital strategy, digital engineering, and information technology (IT) services and solutions, in collaboration with Thought Machine, a pioneer in cloud-native core banking technology, proudly unveils the groundbreaking SME Customer Onboarding Platform. This revolutionary solution empowers financial institutions to expedite and digitize the SME customer onboarding journey, providing a seamless and efficient experience for small and medium-sized enterprises (SMEs).
The SME Customer Onboarding platform, powered by Virtusa's expertise in digital transformation and Thought Machine's advanced core banking platform, Vault Core, offers an array of powerful features designed to accelerate the onboarding process for SME customers. With a focus on accuracy, compliance, and convenience, this collaborative solution enables banks to make faster decisions and efficiently onboard customers into their digital banking ecosystem.
"We believe that Thought Machine is one of the leading next-generation core banking providers, owing to Vault Core's composable microservices architecture and numerous pre-configured financial products. We are excited to have developed a seamless digital onboarding journey on top of Vault Core, leveraging Thought Machine's easy-to-use APIs and superb technology vendor ecosystem." -- Amit Bhute, SVP & Head, Banking Practice at Virtusa.
Key features of the SME Customer Onboarding Platform include:
"For financial institutions, providing the best customer experience is more critical than ever to remain competitive. Virtusa's digital platform has solved the issue of poor customer experience during onboarding for SMEs. Integrating Virtusa's modern, open-architecture design with our real-time core and APIs enables enhanced automation during KYC, KYB, and account opening, providing significant cost and efficiency benefits for our clients." – Randolph McFarlane, Director of Partnerships, EMEA, Thought Machine.
The SME Customer Onboarding Platform offers financial institutions a competitive edge by simplifying and accelerating the SME onboarding journey. By combining Virtusa's domain expertise with Thought Machine's innovative core banking technology, financial institutions can onboard small and medium-sized enterprise (SME) customers in a simple, fast, and digitally empowered manner, and adapt a straight-through processing mechanism.
Virtusa and Thought Machine are excited about the positive impact this collaboration will have on the SME banking sector. As part of their joint commitment to driving innovation, both companies are actively seeking feedback from financial institutions and SMEs to further enhance and optimize the platform's capabilities.
For more information about the SME Customer Onboarding Platform and its benefits, please visit: https://www.thoughtmachine.net/joint-solutions/virtusa
About Thought Machine
Thought Machine has developed the foundations of modern banking with its cloud-native core banking and payments technology. Its cloud-native core banking engine, Vault Core, is trusted by leading banks and financial institutions worldwide, including Intesa Sanpaolo, ING Bank Śląski, Lloyds Banking Group, Standard Chartered, SEB, Lunar, Atom Bank, Curve, and more.
Vault Payments is a cloud-native payments processing platform – launching first with card processing on the Mastercard network, with full coverage available from 2023.
The Vault platform has been written from scratch as an entirely cloud-native system and gives banks full control to build any product required to flourish in a rapidly changing world.
Thought Machine is currently a team of more than 500 people spread across offices in London, New York, Singapore, Sydney, and Melbourne and has raised more than $500m in funding.
For more information, visit www.thoughtmachine.net