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success story

Global bank in Singapore achieves 90% growth in Straight-Through-Processing

Next-generation payment hub platform implemented across Asia Pacific 

The client, a global bank in Singapore was overly reliant on multiple legacies and fragmented payment systems, which led to friction in business process, operations, and customer experience. Virtusa partnered with the bank to build a modular, componentized, rule-based, and flexible next-generation payments platform to keep up with the fast-changing landscape and capture future payment opportunities.

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The challenge

Our client had to consolidate and renew and its legacy payment infrastructure to minimize risk and cost. However, the bank faced challenges like: 

  • Critical nature of business operation
  • Legacy payment infrastructure with limited internal know how
  • High business and technology risk due to the inflexible systems and manual workarounds
  • Unavailability of resources and the high time and effort required to make minor changes and enhancements
  • External third-party systems were not an option due to banks unique products and services

 

The solution

Virtusa's solutions enabled the bank to unify its siloed and fragmented payment systems to a single platform and assisted in implementing a cloud-native microservices architecture for accelerated transformation. Virtusa assisted the bank with

  • Designing a new flexible, componentized, API based, microservices driven payment system architecture
  • Strategize a responsive and omnichannel client experience following the user-centric design approach. 
  • To set up different teams in different geographies, including hosting technology hackathons
  • Ensuring a platform that offers predictability and real-time, frictionless experience for the bank's clients 
  • Implementing a smart prioritization algorithm that determines the respective priority lane to direct payment traffic.
  • Blue-green zone deployment for 24x7x365 service availability.
Payment Hub Platform

The benefit

The future-ready platform with a cloud-native architecture powered by containerized microservices, APIs, and data analytics empowered the client with efficient operations and the capability to handle large volumes of transactions leading to business growth and improved customer experience. Some of the benefits realized by the client are: 

  • New capabilities roll out at speed and affordable cost
  • Caters to high value, bulk, micro, and digital payments
  • An award-winning global payments hub with 24X7 accessibility 
  • Reduce business, technology, and regulatory risks
  • Improved operational efficiency for cross-border payments
  • Scalable, reliable, and secure real-time payment capabilities
  • Opportunity to build value-added services using global payment initiatives like ISO 20022
  • Additional revenue by collaborating with partners, fintech, and other banks

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