Virtusa Modernizes 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Our client, a large U.S. institutional bank, was using an outdated bank payment transfer system running on legacy codes.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

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

Empowering business differentiation and exceptional experiences

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

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