Virtusa’s OIP is a purpose-built, integrated development environment that is based on the trend that the world is moving towards an ‘open system’. The OIP gives companies the ability to handle the many challenges of innovation, such as managing regulatory compliance, evaluating and ideating solutions with partners firms, develop in their own production environment, collaborate with multiple entities, and even run hackathons to leverage crowd intelligence. Every element of the OIP is underpinned by a synthetic data set that correspond to customer records and transactions that replicate the data of each industry’s environment, allowing players in the Financial Services, Life Sciences, and Telecommunications industries to quickly evaluate solutions and circumvent intensive data migrations. The Open Innovation Platform is optimized for AWS and leverages a host of tools such as Amazon VPC, EC2, RDS, S3, Route 53, and CloudFront among others to ensure a well-architected framework.
With Virtusa’s OIP, financial institutions can:
- Build MVPs to create unconventional revenue streams through new banking services
- Journey through an idea hypothesis to a minimum viable product (MVP) with measurable outcomes
- Utilize a strong catalogue of APIs and FinTechs to validate and develop MVPs
- Experiment in a risk-free environment
- Reduce time and cost for any innovation initiative