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EVP & Head of Digital & Cloud Transformation - EMEA
Since the arrival of COVID-19, businesses have been under intense pressure to innovate, grow, and become more adaptable to constantly changing environments, risks, and changing customer preferences. One industry feeling this heat is banking where the demand for new digital payment services is skyrocketing.
The sense of urgency to modernize payments comes from customers who are increasingly demanding frictionless payments at the point of purchase. It’s also a result of the financial opportunity to capture additional transaction banking business flow that comes from Digital Commerce players— according to data from Statista and LearnBonds.com, the global digital payments market will hit $6.7 trillion worth of transactions by 2023.
Many forward-looking banks are in the process in modernizing their technology systems and processes towards gearing up to the higher levels of transactions, removing the frictions and avail newer opportunities unlocked by ISO20022 standardization, Open Banking, bundled propositions with FinTechs.
This move to cloud is vital but banks must commit to a hybrid approach where teams run critical on-premise applications while developing and launching new payment applications and services, all within a completely secure environment.
This is not a simple move and banks will quickly find that multi-cloud environments are complex and, when coupled with pressures to modernize flawlessly, they require an expert partner such as Virtusa Cloud Foundry for Payments, which has a proven set of tools and accelerators to drive these initiatives. Virtusa Cloud Foundry for Payments leverages a hybrid cloud set up to accelerate payment modernization and innovative new capabilities available in the Google Cloud, all while solving very specific technology and business problems.
At its heart is an extended Google Cloud Foundation Toolkit, which helps build and enhance the baseline secure environment. Over the years, we have created the add-on modules, which leverage the work we have done with the Google Cloud team to implement and enhance the Cloud Foundation Toolkit modules. Now, by using our “Infrastructure as Code (IaC) first” approach, customers can create and strengthen their Landing Zones faster than ever.
Next, we help customers provide a superior experience for the engineers using terraform modules for recurring patters in software engineering such as Microservices, Streaming Application, Datalake, 3 Tier Architecture and more. Delivered through Service Now, these Blueprints significantly enhance an engineer’s productivity.
We also provide an optional automation suite to orchestrate the blueprint components so that customers can trigger rules to selectively switch-off development/test environments, auto clean up log files and many other infrastructure tasks.
At this point we provide customers with a suite of services that generate microservices from legacy code and prebuilt microservice boiler code that adhere to standards such as PSD2, CMA9, CDR and others. In doing so, we jumpstart application modernization. Currently, our flagship engineering accelerator, FAST, can generate code in more than eight programming languages which gives businesses an option when choosing their preferred target architecture.
Once architecture is selected, we understand that application and database/warehouse modernization initiatives take time—the projects can range from months to several years based on the complexity of application and technical debt. To ensure these efforts do not hinder any other digital initiatives, we provide a Payment Sandbox environment. This sandbox acts as a Digital Twin, creating a proxy between legacy and sandbox components so teams can fast track adoption of Proven FinTech Solutions, create AIML models and also co-innovate with your partners.
Once the phase is completed, the benefits that banks get from Virtusa Cloud Foundry for Payments are many and include:
While being fast is vital, banks also require piece of mind. Specifically, they need to know that the final offering will deliver as promised. By using proven rapid development and production capabilities, customers can be confident that the solution delivers.
Cloud Factory uses DPW to rapidly protype UI, API and Fintech integration to prove business journeys. In addition, by using pre-built development capabilities, toolchains and environments, development can start quickly and be highly productive.
Utilizing industry standards and marketplace capabilities, solutions are well prepared to exploit new FinTech’s and the new rapidly evolving payment ecosystem.
We've experienced some challenging times. That said, it is an exciting time for the financial world and incorporating innovative, proven models and technologies can help reduce friction and increase productivity. The opportunities are endless, and so is the competition. As we look at the future of banking, it's clear that the leaders will need to master the art of bringing together people, processes, and technology for growth.
Senthil Kumar is the Executive Vice President & Head of Digital & Cloud Transformation – EMEA at Virtusa. He is a customer-focused Technology Leader with a proven track record of creating & delivering several award-winning Digital propositions and brings more than 20 years of experience. He has a proven track record of identifying emerging technologies [APIs, AIML, Blockchain] that have the potential to go mainstream and build/inspire assets that provide differentiation for the organization. He is very passionate about building and inspiring high-performing teams that get things done and strongly believes that ideas are easy, and winning is all about Execution at Speed.
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