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success story

Virtusa modernizes a large U.S. bank’s antiquated payment system into a cutting-edge wire transfer application

The challenge

Our client, a large U.S. institutional bank, was using an outdated bank payment transfer system running on legacy codes. The system could not keep up with industry mandates for ISO20022 or sustain the 20% increase in transaction volumes the bank was receiving. Over the years, the banks had also lost their subject matter experts who understood the rules and logic that was added to the code, making it more challenging to adapt to new regulations and industry mandates.

 

The solution

Based on our experience in modernizing, designing, and implementing complex payment infrastructures for banks globally, Virtusa was the preferred partner of choice to execute the project. Virtusa helped the client build a modernized, state-of-the-art wire transfer application leveraging API and microservices architecture. We helped the client:

  • Extract code rule logic and rule chains from the legacy code base
  • Optimize business rules, configure logic and operational workflows
  • Define the target architecture components, design patterns, and service blueprints
  • Build an infrastructure that would enable the client to build new revenue streams by collaborating with the external fintech
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The benefit

Post-project, the client’s new cloud-native payment infrastructure was compliant with industry mandates, extensible, and scalable. The modernization also allowed the client to incorporate new business models and revenue streams, offer standard industry solutions, enable product agility and innovation, and improve their overall customer experience.  Benefits of the new and improved payment infrastructure included:

  • Industry compliant application- ISO20022 with the ability to scale internally and externally
  • 30% reduction in OpEx cost of running and maintaining application
  • 20% faster time to market
  • 20% increase in product agility, bundling, and innovation
  • 10% increase in income from adding new revenue streams
  • 24/7 application with auto-maintenance and capitalization infrastructure
  • Reliable application processing with near zero downtime and faster time to market 

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