Build instant payments right the first time
One thing is constant in the payment’s ecosystem: change. To keep up with changing industry demands, banks need to modernize their payments system. Virtusa’s payments modernization enables banks to onboard new customers and release new digital services faster while cutting operational costs.
With the modernization of new payment offerings like ACH Same Day, FedNow, FedWire (ISO20022), SWIFTGPI tracking, payment as a service, digital wallets (Apple, Samsung, Android/ Google Plex), SWIFT (ISO20022), and the development of new ones like Real-Time Rails (RTR) and API based banking, there’s a growing need for banks to have a payments system that’s able to keep up with these digital innovations.. A simplified ecosystem will make banks more agile and ready to handle additional changes in the future.
Virtusa has over 25 years of experience in the payments industry and understands the complex task of modernizing payments systems. That’s why each client has a dedicated team complete with business advisors, product experts, and in-house engineers, allowing us to address each organization’s unique set of challenges and modernize their payments systems faster.
By working with Virtusa, organizations benefit from:
Virtusa’s payments modernization offers end-to-end services from discovery through implementation to:
Build the payment application leveraging API and microservices DDD, services based architecture, cloud native and cloud agnostic
Collaborate with the larger ecosystem of FinTechs, PSPs and banks to offer industry grade solutions
Implement, configure, maintain and deploy the payment hubs and payment engines
Simplify and consolidate your payment ecosystem by reducing tech debt and high cost of maintenance
Integration of the payment hub, engine with upstream and downstream application gateways and data warehouses
End-to-end testing services. Manual, automation, TDD, SRE, and SDET
200+ industry leading business advisors and subject matter experts, build vs. buy, business case definition
4000+ banking experts and implementation team, transformation partner, solution architects, two in a box model
Product partnerships, FinTech ecosystem, cloud, CRM, BMP, COTS products
3000+ Training assets, Banking 1.0 - 4.0, rolesbased training
50K test cases and test assets for accelerated testing, production grade virtualization stubs
ISO20022, BIAN, FDX, and Open API 3.0 compliant business capability, business domains, service definition, unified API, business logic data access layer, and technology lexicons
Transformation toolkit to accelerate microservice architecture design patterns within built payment microservice reference architecture, technology best practices, standardization and unified microservices, and governance standards
Product selection toolkit to recommend the right fit product, monolith decomposition tools to extract rule and rule chains from monolith apps, product configuration and support, cloud native and cloud services
Synthetic data, digital banking APIs, low code/no code platform, developer sandbox, cloud native 12-factor design playbook, data linage tool
Enables innovation, validation collaboration, simulation and testing of financial messaging standards (ISO2022, FDX, BIAN), API-led sandbox enables faster customer onboarding, rapid innovation, and faster time to market.
Learn how Virtusa’s payments modernization system helped leading American banks and financial services companies address their unique set of challenges to cut operational costs.
A large American bank wanted to expand its footprint across all states, including where the banks had no physical presence. The bank wanted to tap into tech savvy millennial customers and worked with Virtusa to help them conceptualize, rapidly prototype, design, build, and roll out a completely digital bank. This new digital-only bank was built and launched in only 13 months. The effort leveraged 16 scrum teams that collaborated across five regions, delivering 14000 story points.
A leading American bank is utilizing Virtusa’s payments modernization for its Large Value Payment System. This includes extracting legacy code from the legacy mainframe system, optimizing the code to extract the rule chain and rule logic, and define the bounded context to build components and microservices. The bank is expected to achieve 40% reduction in compute cost and upon completion, the bank will have a forward-looking payments system that is cloud native, scalable, agile, and secure.
A leading American worldwide banking and financial services company is utilizing the Virtusa Payment Sandbox along with a data vortex tool for synthetic data for a secure interactive testing environment. This environment allows them to perform experiments, test solutions, and collaborate with FinTechs for their clients’ applications. The bank saw a significant increase in testing efficiency and overall improvement in productivity.
Contact us to speak to an expert, request an assessment, or demo our solutions.