Virtusa / Banking & Financial Services / Corporate Banking
Flourish in a Changing Banking Climate by Adopting Innovative Technology Solutions

Regulatory change, digitization, competitive pressure, and an overall weak global economy are driving significant changes for corporate banks. Margin pressures as a result of compressing fees from cash management, payments, and corporate lending are leading to an increased focus on cost simplification and efficiency.

Increased regulations continue to create demand for onboarding efficiency and streamlined know-your-customer (KYC) and payments screening, and the need for real-time interactions between banks and corporations is causing wide adoption of API banking technologies. Corporate banks need to adopt innovative technology-based solutions not just to survive but also to thrive in this new climate.

Key Solutions

Open Banking and APIs

Launch differentiated offerings that enhance your customer experience

Open Banking and APIs

With the evolving regulatory landscape, ever-increasing customer expectations, and hyper-competitive environment, financial institutions (FIs) are exploring innovative ways to improve revenue streams and reduce costs. Open Banking and APIs are emerging as one of the cutting-edge initiatives that are helping FIs quickly launch differentiated offerings leading to an enhanced customer experience. Virtusa has robust methodologies, offers end-to-end services, and has a host of adaptors that connect APIs to core banking systems, blockchain rails, and banking specific messaging systems.

What you’ll get:

  1. A curated list of APIs from over 50 innovative FinTech companies.
  2.  Credibility vetted by the Banking Industry Architecture Network (BIAN) as an industry consultant for BIAN compliant APIs.
  3. Strategic partnerships with firms such as Akana, Apigee, CA Technologies, IBM API Connect, MuleSoft, and Open Bank Project.

Virtusa is building a payments services platform to help a large Nordic bank retain client relationships in the post PSD2 world.

Robotics Process Automation

Cut costs by driving efficiencies across business workflows

Robotics Process Automation

With increasing operational complexity and regulatory compliance requirements, financial institutions (FIs) are exploring innovative ways to reduce costs, eliminate errors, and build efficiency. Robotic Process Automation (RPA) can reduce manual efforts by 65 percent, transaction TAT by 70 percent, and bring intelligence to your business. Virtusa’s Robotic Process Automation (RPA) solution leverages machine learning and workflow integration to achieve cost savings and increased operational efficiency.

What you’ll get:

  1. Pre-built accelerators for trade finance, KYC (Know Your Customer), onboarding, and payments and sanction screening automation.
  2. Cognitive and non-cognitive process classification driven approach.
  3. Strategic partnerships with industry-leading tools and solution accelerators such as  Blue Prism, Openspan, WorkFusion, UiPath, and Automation Anywhere.

Virtusa automated the imports payment processes from scrutiny to discrepancies to payment of import bills for a leading North American bank.

NextGen Smart Corporate Portal

Drive efficiency across your corporate banking value chain

NextGen Smart Corporate Portal

With increasing globalization and complexity of doing business, it is imperative for corporate banks to deliver leading edge capabilities that help drive revenue, reduce cost while at the same time increase client satisfaction. Virtusa’s Smart Portal solution helps make your supply chain, cash management, and financing functions more efficient.  The solution provides seamless integration through APIs, omnichannel entitlements and security, intelligent data power analytics, and streamlined onboarding to enable better decision making and recommending the next best offer.

As a case in point, Virtusa has built one of the world’s largest corporate banking portals that was rolled out in over 120 countries and handles $6 trillion transactions/month.

 

Blockchain

Drive innovation and process improvements with blockchain

Blockchain

The challenge facing most banks today is to identify and leverage new technologies not only to re-engineer existing processes but also to create new business opportunities. Blockchain is a disruptive technology as it enables new business models and operational approaches that could not be achieved before. Virtusa helps banks explore blockchain initiatives to automate the tracking of cross-border payments, clearings, and settlements. With our use-case repository, we help you evaluate best-fit solutions in our sandbox environment for processes such as post trade, trade finance, and remittance.

What you’ll get:

  1. Investment in a Blockchain Exploration Center (BEC) that leverages a sandbox and lab environment to develop bleeding edge solutions.
  2. Repository of over 100 banking use cases that have been developed based upon our research and active collaboration with FinTechs.
  3. Partnerships with leading blockchain providers including Ethereum, Chain, Ripple, and Quorum.

Virtusa has helped a leading Australian bank to reimagine their asset finance business using blockchain, machine learning, and IoT.

Client Lifecycle Management

Shift focus from tactical growth to total lifetime value of the customer

Client Lifecycle Management

With increasing competition and ever-rising customer expectations, it is important for banks and financial institutions to focus on the total lifetime value of a customer rather than siloed opportunities for growth. Effective customer lifecycle management (CLM) can dramatically accelerate revenue growth while at the same time ensure compliance with complex global and local regulations. Virtusa’s CLM solution can help you onboard new clients, add products for existing customers, or service clients and account maintenance requests, providing the transformation you need to remove customer friction and maximize efficiency.

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Virtusa Corporation
132 Turnpike Road
Suite 300,
Southborough, MA 01772