Solutions

Accelerating open banking adoption

Virtusa / Innovation / Open Banking

Open banking is turning into a global trend. Changing customer preferences, accelerated tech innovation  and a growing digital landscape, regulatory interventions build a disruptive potential  to drive truly revolutionary change. Open banking provides vast opportunities for banks and financial institutions to reinvent their legacy systems via fast-developing technologies such as FinTechs, microservices and APIs.

Virtusa can help accelerate and streamline your open banking adoption.

Virtusa offers a holistic approach to open banking adoption, providing a platform, and a suite of
accelerators and frameworks to get organizations ready for the API economy.

Open Banking Compliance

Virtusa’s Open Banking Sandbox can help your organization comply with the Open Banking regulations in just 4 weeks (cloud version). Its cloud native digital API infrastructure is purpose-built for rapid experimentation by banks and TPPs, and fully compliant with Open Banking regulations. Virtusa also provides API strategy support as a part of a more holistic innovation strategy which includes open innovation, open banking, FinTech integration and microservices.

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Open Innovation Platform

Virtusa's cloud-based gamified Open Innovation Platform accelerates innovation cycle from ideation to an MVP: ideate, build and publish applications in a matter of weeks. Onboard and engage with carefully curated FinTechs to drive your API-led transformation. The platform is underpinned by a pre-loaded synthetic data model for testing and is fully compliant with BIAN, Open Banking regulations and ISO20022 standards.

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Data governance for Open Banking

Keep your data in control while embracing open banking. Virtusa can help you fortify your data control, infrastructure and processes with its end-to-end and bespoke AI powered Data Privacy and Governance solutions. Address the cyber security risk to avoid misuse of data by third parties. Identify the right data management approach and facilitate the compliant processing of data to unlock open banking for your organization, partner ecosystem and customers.

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Design Thinking for open banking

Virtusa leverages Design Thinking – a human-centered approach to help you adapt and evolve your business to meet the challenges and opportunities brought by open banking. We explore the emerging tech landscape, identifying high potential technologies and developing innovative concepts. We build compelling prototypes to help you to identify viable and feasible solutions that will benefit your customers and deliver material value with each step of your open banking roadmap.

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New White Paper:
Open Banking Beyond Compliance

For the banks and financial services that are prepared to go beyond open banking compliance, changes present rich opportunities to shape innovative offerings and drive new revenues. They will open the door to non-traditional revenue-generating opportunities: API monetization.
In this white paper, Virtusa surveys the current open banking landscape and puts forward recommendations for effective API monetization, including API pricing models, risk and quality control mechanisms, potential new business models, and strategies for open banking.

Please provide us some information and we will email you the whitepaper

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