Virtusa led a consortium of professional services firms and worked alongside AFIN to build and launch the APIX platform.
At its foundation, APIX is an outcome-driven, secure and virtual sandbox environment that enables FIs and FinTechs to efficiently co-design, experiment with, and launch new financial products and services. In order to ensure the solution was built and deployed effectively, the following solution elements were leveraged and customized:
Virtusa’s Open Innovation Platform (OIP) – Virtusa’s OIP is a purpose-built, integrated development environment that is based on the trend that the financial world is moving towards an ‘open system’. The OIP gives banks the ability to handle the challenges of regulatory compliance, evaluate and ideate FinTechs, develop in their own production environment, collaborate with multiple entities, and even run hackathons to leverage crowd intelligence. Every element of the OIP is underpinned by a synthetic data set consisting of over 10 million customer records and 40 million transactions that replicate the data of a banking environment, allowing a bank to quickly evaluate solutions and circumvent intensive data migrations.
Virtusa customized the Open Innovation platform to align to AFIN’s region-specific requirements for APIX.
Amazon Web Services (AWS) – AWS provides a low cost, scalable, and highly reliable infrastructure platform to businesses who are looking to manage variable costs and replace high upfront infrastructure investments. AWS was selected not only due to its high global availability and its infrastructural presence in the APAC region, but also because of its development platform that provides a host of services that help bring products to market quickly, reliably, and securely.
Virtusa architected the APIX solution on AWS and leveraged a multitude of AWS tools to ensure that the APIX implementation was in line with the AWS Well-Architected Framework, meaning that the solution was built so that security, reliability, performance efficiency, cost optimization, and operational excellence were and are key facets of the implementation architecture.