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:
- 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