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success story

30% faster time-to-market achieved by a top American bank

Using Open Innovation Platform (OIP)
on Microsoft Azure

The challenge

Launching a new product took between 6-14 months for the bank to complete. While the legacy architecture was the main hindrance to speed, many factors contributed to the lengthy process, including:

  • Lack of a secure interactive testing environment for experimentation 
  • Various testing requirements for different payment formats in the multi-faceted payment landscape
  • Insufficient data to automate testing of scenarios before moving to production 
  • Lack of seamless collaboration with third parties
  • Manual and labor-intensive workflows 
  • Low flexibility in configuring rules with changing regulations and business scenarios

The combination of these factors caused a poor onboarding experience; thus, even after a product launch, the bank faced customer adoption challenges.  

The solution

Virtusa’s Open Innovation Platform (OIP)

Open Innovation Platform Solutions

We ideated, prototyped, and implemented the Open Innovation Platform (OIP). OIP is a payment innovation, cloud-native platform that’s industry compliant with ISO20022. Hosted on Microsoft Azure, the solution enabled the bank to:

  • Accelerate the customer onboarding journey from months to weeks
  • Use the production-like Payment Digital Twin Ecosystem to test, validate, and certify payment messaging standards, APIs, and workflows. 
  • Create synthetic data with various real-life scenarios using the data vortex tool, Data Generator.
  • Collaborate with third-party FinTechs, customers, and regulators to ideate, collaborate, experiment, test, and validate messages and rules as per the business mandates.
  • Test multiple clients with ease in separate integrated development environments (IDEs).  

 

The Benefits

Through the implementation of OIP, the U.S. bank created a payment sandbox on the cloud that offered a production-like digital payment ecosystem. 

With the solution in place, the bank achieved: 

  • Faster customer onboarding, reducing cycle time from months to weeks, leading to faster ROI realization
  • 90% reduction in time to test payment messaging standards 
  • 30% acceleration in new payment rail induction and payment ecosystem modernization 
  • 30% faster time-to-market with integrated DevOps
  • Prebuilt accelerators and frameworks helped accelerate banks payment modernization journey and time-to-market by 20%
  • Reduced security risk through:
    • External application usage, reducing the dependencies on opening DMZ and Firewall for client-based testing
    • Lower dependency on the production systems for new digital products and services by using APIs simulating the core systems
    • Increased test coverage by using synthetic data for extensive business scenarios 

Accelerating banking innovation driven by cutting edge digital engineering capabilities

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