Create new business models and unconventional revenue streams

Virtusa / Solutions / Open Banking

Open Innovation Platform is an integrated development environment that promotes a culture of innovation by partnering banks with selected FinTechs, RegTechs and InsureTechs through the Lean Agile Model.
It allows to ideate, build, and publish applications that assist transcend business goals.
From generating ideas and mashing APIs to eventually building a MVP, the platform is a comprehensive tool that helps foster next-gen solutions using cutting-edge technology.

Open Innovation Platform by Virtusa xLabs enables to:

  • Build MVPs to create unconventional revenue streams through new banking services
  • Journey through an idea hypothesis to an 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 & cost whilst innovating

Emirates NBD has been happy to partner with Virtusa to debut the first API Sandbox by a UAE Bank. This collaboration has enabled us to offer the right tools for enterprising FinTechs and developers who can now turn their creative ideas into real working prototypes, which we would then test with real customers. We aim to accelerate innovation to continuously bring new and differentiated experiences to our stakeholders.

Evans Munyuki, Chief Digital Officer at Emirates NBD

Every element of this solution is underpinned by synthetic data set (10 mln customer records and 40 mln transactions) which replicates a bank’s environment, enabling quick evaluation and regulatory compliance checks.

Open Innovation Platform

Open Innovation Platform is an integrated development environment that promotes a culture of innovation by partnering banks with selected FinTechs, RegTechs and InsureTechs through the Lean Agile Model.

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Open Innovation Platform can be leveraged for multiple challenges

Open Banking Regulatory Compliance

All Banks who provide account and payment services over web/mobile and hold accounts in the Euro area are expected to make PSD2 sandbox available to Third Party Providers (TPPs) by March 14th 2019.

Open Banking Regulatory Compliance

All Banks who provide account and payment services over web/mobile and hold accounts in the Euro area are expected to make PSD2 sandbox available to Third Party Providers (TPPs) by March 14th 2019.

  • Banks to demonstrate the PSD2 readiness to regulators
  • TPPs can test their solutions against Bank Security Infrastructure and representative data
  • Banks and TPPs to incorporate their learnings towards final implementation during September 2019

Our cloud-hosted PSD2 Sandbox powered by Open Innovation Platform can provide a jumpstart for banks towards meeting the regulatory timelines in a matter of weeks.

  • It has been built for a rapid experimentation by banks and TPPs
  • Synthetic Database with 10MM customers and 500 MM Transactions aligned to PSD2 Data elements
  • Cloud Native Digital API infrastructure purpose built for Banking and implemented across the globe
  • Proven PSD2 implementations, fully BIAN-compliant
  • Value added modules for full Open Banking Implementation
  • API monetization and billing

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Open Innovation Portal for FinTech Evaluation and Ideation

Single bank - multiple FinTech model. Connect and partner with several FinTechs and their APIs, whilst allowing ideation at valley speed.

Open Innovation Portal for FinTech Evaluation and Ideation

Open Innovation Platform which follows a single bank – multiple FinTech model to solve the bank’s everyday challenges. Banks can use the platform to connect and partner with several FinTechs and their APIs.

FinTechs can self-onboard onto the platform. These FinTechs will then be shortlisted through a strict guideline as per standards by the bank’s requirements. They can be evaluated much faster with a shortened due-diligence process allowing the bank to start its innovation projects with the best of breed FinTechs, making the process much nimbler.

Open Innovation Platform also provides an ideation portal helping business departments to collaborate with internal developers allowing ideation at valley speed. All members of the bank and onboarded FinTechs can view and suggest ideas or solutions to the problems posted. Following the evaluation of these solutions the ones that are suitable for becoming a Minimum Viable Product (MVP) can be stored for further development into a Commercially Viable Product (CPV), to be deployed to the bank’s own system.

Open Banking Developer Portal – Bank’s Internal Platform

Deployed into the bank’s own production environment, it allows trusted third parties to connect and work with the bank. It is likely to be set up on premise with the bank to be connected to the bank’s legacy systems.

Open Banking Developer Portal – Bank’s Internal Platform

The Open Banking Developer Portal is a version of the Open Innovation Platform that is designed to be deployed into a bank’s own production environment. It allows trusted third parties to connect and work with the bank and is likely to be set up on premise with the bank and not on cloud as the platform, as will need to be connected to the bank’s legacy systems.

The main functionality of the portal is to allow trusted third parties to work with the bank’s actual data set to develop Commercially Viable Products (CVPs). Features such as an API Store with production APIs and actual data, along with trusted 3rd party FinTech’s, forum and Wiki help developers take a tested Minimum Viable Product to a fully functioning CVP. These CVPs can then be stored and accessed by all members of the portal.

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Facilitating multi-bank/multi-FinTech interaction model

A consortium of banks and FinTechs can onboard themselves onto the platform and collaborate together to solve real business business problems. This version of Open Innovation Platform currently powers the BIAN API Exchange.

Facilitating multi-bank/multi-FinTech interaction model

The BIAN API Exchange

Developed collaboratively by a group including Virtusa, BIAN member banks, and IT businesses, BIAN API Exchange is an open, flexible, enterprise-grade computing platform hosted on the Microsoft Azure cloud infrastructure. The exchange currently features over 65 standardized API definitions that allow banks to reduce the complexity of building and delivering Open Banking capabilities by providing clear guidance on how to implement innovative and intuitive digital services across both back-end and customer-facing functions.
The BIAN API Exchange was built on Virtusa’s Open Innovation Platform, allowing banks to modernize their critical legacy infrastructure and adopt standardized frameworks to facilitate more open and easy collaboration with FinTechs and RegTechs. BIAN’s API Exchange also consists of community-building collaboration tools such as wikis, forums, and ideation billboards where API and microservice creators, and consumers can collaborate dynamically to create and use BIAN-based API implementations. Read the case study here.
portal.bian.org

Our partnership with Virtusa helped us to visualize fast what could be achieved with APIs, since it was already an area where they had a lot of experience. They made it tangible for us.
Hans Tesselaar, Executive Director, BIAN

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Hackathon Platform

Leverage crowd intelligence by running hackathons among your employees, partners and talented hackers to prototype and demonstrate newer capabilities or solutions.

Hackathon Platform

With the increased demand of innovation, banks and Financial Institutions are obliged to use disruptive technologies to innovate faster and build stronger solutions more rapidly. At Virtusa xLabs we can providing our Open Innovation Platform to utilize crowd intelligence by running hackathons among your employees, partners and talented hackers to prototype and demonstrate newer capabilities or solutions for your organization. Within a span of 2 weeks we provide a white-labelled Open Innovation Platform with several key functionalities. The focus of the hackathon may vary with themes such as regulatory compliance, Open Banking, payments or customer data insights, and participants from white-listed domains can self-register onto the platform. An API store with pre-loaded third party APIs as per the chosen theme and SmartBank APIs provide quick plug and play functionality.
Dashboard analytics is available to identify API health and usage during the hackathon. A Wiki with all relevant information on different APIs along with the rules and regulations can be found on the platform for platform assistance. In addition, our 24-hour offshore support team is available for assistance through our collaborative Slack channels.
Just email xlabs@virtusa.com with your details to reserve the Open Innovation Platform for your hackathon.

“Virtusa’s Open Innovation Platform was successfully utilized during a month-long global innovation programme conducted amongst our developers in Hong Kong, India, the UK, Canada and the US to help showcase new ideas for HSBC. It was invaluable for us in testing new ideas and rapidly creating MVPs. It helped our developers learn about the open banking API standards and put them into practice. We have experimented with half a billion transactions of synthetic data and numerous FinTech APIs to convert new innovative ideas into MVPs in a productive way”.
HSBC

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