success story

Modernizing the Trade Finance Platform at a Singapore based Global bank

 

Our client is one of the top global banks in the transaction banking business. Virtusa partnered with the bank to develop a modern global trade finance and open account platform. We engaged with the bank’s trade finance team to transform the existing platform and modernize it by moving it to the cloud

The Challenge

The challenge was to consolidate, rationalize and modernize an ageing trade finance platform

The client had multiple platforms for the Trade Finance business. The disparate systems could not keep up with the growing demands of the business. The bank needed to consolidate and rationalize these platforms into a new future-ready platform to better meet its current needs and future growth.

The challenges were:

  •  Increased the cost of operations
  • Created technical debt
  • Delayed time to market
  • Increased business and technology risk
  • Unable to meet client expectations
  • Managing regulatory compliance issues
The Solution

Virtusa partnered with the bank to completely modernize its trade finance platform

Virtusa partnered with the global bank to develop a future ready trade and open account platform. The new platform services more than 44 countries critical to the bank’s wholesale business.

We assisted the bank by:

  • Managing complex requirements for multiple projects including those that are regulatory in nature while ensuring adherence to local business practices
  • Active representation in project governance and change management council
  • Leveraging processes, controls and best practices enlisted by the CoEs at Virtusa
  • Accelerated Requirement Gathering effort by reusing the Virtusa repository of Trade Finance Use cases, Process Maps and Business Capability models
  • Accelerated test case identification by reusing the Virtusa repository of Trade Finance test cases
  • Involvement in all phases of project/program life cycle including production support activities for the platform
Azure Cloud Migration Solution
The Benefit

The bank has developed a modern future ready platform with real time capabilities and 24/7 availability

The future-ready platform ensured a scalable, reliable, and secure platform. That significantly reduced the client’s technical debt thereby reducing cost of operations and enhancing its time to market capabilities

  •  Significant reduction in business and technology risk
  •  Better adherence to compliance requirements – Local and Global
  •  SLA adherence for over 99% of the issues
  •  Feedback loop for production issues found in production for test case enrichment and Root Cause Analysis (RCA)

The bank now offers customized solutions to its diverse wholesale clients while adhering to local regulatory standards. It also ensures that the bank can offer value-added trade services leveraging global initiatives like Open Banking, Digital Trade Finance, IoT, and Blockchain for its clientele.

Trade Repository Reporting

Modernize your trade finance business with our trade finance transformation solutions

Related content