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success story

How IMB Bank has partnered with Virtusa to achieve Open Banking Compliance

IMB Bank is a 140-year-old Australian mutual bank helping Australians achieve financial goals by offering a wide range of personal and business banking services.  

Established in 1880, IMB is a mutual bank that has been helping people achieve their financial goals for 140 years. Headquartered in Wollongong, New South Wales, Australia, with branches throughout NSW, ACT and Victoria, it is regulated by the Australian Prudential Regulation Authority, and is a member of the Customer Owned Banking Association. The bank provides simple and secure digital and full-service banking solutions to its 200,000+ Members.

The Challenge

IMB needed a solution for compliance with the Australian Competition and Consumer Commission's Consumer Data Right Legislation

The Australian government recently introduced Open Banking under the Consumer Data Right (CDR) legislation mandating that banks allow their customers to share their banking data with accredited data recipients. The regime intends to improve consumers' ability to compare and switch between banking products and services, encouraging greater competition between financial service providers leading to more innovative products and services for customers.

IMB Bank needed to find a way to securely share their Product Reference Data and Customer Data with the Australian Open Banking ecosystem while meeting key legislative roadmap deadlines across 2020 and 2021. IMB Bank required a partner with a managed service solution that would allow the bank to meet and provide continued conformance to the legislative requirements, including:

  • Comprehensive data standards
  • Strict information security protocols
  • Specific customer consent guidelines 
  • Robust and secure API standards  
  • Mandated Reporting
The Solution

Virtusa's CDR Solution to achieve Open Banking compliance.

As a trusted partner for critical banking solutions to financial institutions of all sizes globally, Virtusa was able to draw from Open Banking experience in other markets, incuding the UK and EU, and from its deep development expertise to implement a solution to help IMB become compliant.

The Open Banking solution leverages advanced digital API and IAM capabilities and infrastructure designed for banking and implemented across the globe. The solution is comprised of: 

  • Virtusa's Open Innovation Platform (OIP) 
  • WSO2 API Management, Identity & Access Management and Enterprise Integration technologies

The solution was architected and deployed on the AWS infrastructure platform leveraging multiple AWS tools and capabilities, including:

  • Amazon EC2
  • AWS Lambda
  • AWS CloudTrail
  • Amazon CloudWatch
  • Amazon CloudFront Service
  • Amazon RDS for MySQL
  • AWS Directory Service
  • Amazon Elastic Container Registry (ECR)

 

Open Banking compliance solutions
Benefits

Virtusa has enabled IMB to become compliant with the Consumer Data Right legislation by delivering a comprehensive managed service solution.

For IMB, the solution provides:

  • Full and ongoing compliance with the Consumer Data Right regime requirements
  • A robust data-sharing platform securely connected to the Australia Open Banking ecosystem
  • A reliable, flexible, and secure infrastructure platform to support ongoing compliance
  • A seamless open banking experience for its members

 

Accelerating banking innovation driven by cutting edge digital engineering capabilities

Learn more about Virtusa's Banking and Financial Services capabilities

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