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Payments Modernization

Build instant payments right the first time

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Banking and Financial Services Artificial Intelligence (AI) Content & Customer Experience

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.

Why work with Virtusa?
Payments Modernization - Why Virtusa?

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:

  • Pre-built components and services for platform development
  • ISO 20022, BIAN, FDX compliant data models and service definitions
  • Enablement of rapid innovation by seamless connecting to FinTechs via APIs
  • Platforms and tools to generate language independent source code quickly from domain and data models
  • Plug-and-play capabilities that are available through an online marketplace that consists of solutions that have been converted to customer value propositions
  • Revolutionary new ability to create new revenue streams by leveraging best-of-breed FinTechs across the globe
  • The ability to foster community-driven (internal and external) innovation that helps deliver much faster time to market for digital products and services
  • No vendor lock-in provides architecture flexibility and extensibility

Virtusa’s payments modernization offers end-to-end services from discovery through implementation to:

Build

Build the payment application leveraging API and microservices DDD, services based architecture, cloud native and cloud agnostic

Assemble

Collaborate with the larger ecosystem of FinTechs, PSPs and banks to offer industry grade solutions

Implement

Implement, configure, maintain and deploy the payment hubs and payment engines

Consolidate

Simplify and consolidate your payment ecosystem by reducing tech debt and high cost of maintenance

Integrate

Integration of the payment hub, engine with upstream and downstream application gateways and data warehouses

Test

End-to-end testing services. Manual, automation, TDD, SRE, and SDET

Key drivers

Business Advisory

200+ industry leading business advisors and subject matter experts, build vs. buy, business case definition

Consulting Services

4000+ banking experts and implementation team,  transformation partner, solution architects, two in a box model

Industry Partnerships

Product partnerships, FinTech ecosystem, cloud, CRM, BMP, COTS products

Training Academy

3000+ Training assets, Banking 1.0 - 4.0, rolesbased training

Testing Services

50K test cases and test assets for accelerated testing, production grade virtualization stubs

Accelerators

Business Capability Matrix

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

Payment API & Microservice Toolkits

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 Implementation

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

Product Development Workbench

Synthetic data, digital banking APIs, low code/no code platform, developer sandbox, cloud native 12-factor design playbook, data linage tool

Payment Innovation Platform & Sandbox

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.

Still not convinced?

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.

How a large American bank became completely digital in only 13 months

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.

How a remodeled wire transfer application is expected to lead to a 40% reduction in costs

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.

How a payment sandbox led to improved testing efficiency and increased productivity

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.

Find out what Virtusa can do for you

Contact us to speak to an expert, request an assessment, or demo our solutions.

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