solution

Payments Modernization

For an agile, reliable, and scalable payment solution

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There are a plethora of changes that are driving the North American payments industry. The modernization of existing rails - FedNow, FedWire (ISO20022), SWIFT (ISO20022) - and emerging new rails, such as Real-Time Rails (RTR), API-based banking payment as a service, embedded finance, DiFi, open banking, have mandated banks to embark on the journey of agility, product innovation, simplified, and optimized payment landscape. The modern ecosystem will enable banks to introduce new products, improve existing product offerings, and rapidly innovate with accelerated time to market, thereby keeping pace with the industry.

How can banks modernize their payments to meet business needs? 

Virtusa, with its 25+ years of experience in payments, has enabled 5 of 10 North American banks, insurance, and financial institutions to modernize their payment ecosystems and meet industry compliance mandates. We are a leading digital engineering services company with extensive engineering expertise, a profound partner ecosystem, and a set of in-house build accelerators to help clients reduce costs in business operations and mitigate challenges in legacy modernization and complex business transformation.

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Key benefits

Virtusa has been pivotal in enabling banks of all sizes to evaluate, redesign, build, and modernize their legacy payments infrastructure to highly scalable and resilient target core applications. 

With Payments Modernization, banks can achieve:

  • Time-tested, future-proof, and scalable core architecture
  • Accelerated product Innovation, product agility, and faster time to market
  • Plug and play architecture that enables ideation, prototyping, and collaboration with larger ecosystems- fintech, big tech, and partners
  • New revenue models and collaborative business models 
  • Industry-compliant data models and BIAN-aligned architecture and data models
  • Access to Virtusa’s own innovation factory and marketplace of 100+ fintech partners- Experimenting  across multiple use cases, product ideas, and platform as a service use cases
  • Industry-certified accelerators and tools kits to enable accelerated development with reduced cost of change, run, and maintenance of application
Payment Modernization

Key features

Payments Modernization provides end-to-end services that accelerate building a payment hub or set microservices constructed to complement the services of a COTS product.

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Business advisory and consulting services

  • Expert assistance with creating the business strategy, BRD, and business architecture
  • Assessment of current and future state and assist with the build vs. buy vs. collaborative decision making
  • Business capability modeling (BCM) to achieve your bank’s business vision

Product innovation and experimental engine

  • Platform to enable rapid collaboration and onboard the broader FinTech/High-tech ecosystem (OIP)
  • Access to business use cases across BNPL financing, embedded finance, and open banking
  • Newer revenue streams with data monetization

 

Micro/API implementation and acceleration

  • Codeless integration factory with Fast and Secure Transfers (FAST)
  • Defining service boundaries by leveraging behavior-driven development (BDD) techniques

Data strategy aligned with technology road mapping

  • Data strategy blueprint that seamlessly supports past and new core payments platforms
  • Pre-built AI models and algorithms to accelerate the creation and launch of new ML models

Technology strategy, design, and architecture blueprint

  • Technical architecture blueprints (starter kit)
  • BIAN aligned architecture blueprints and models

 

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Success story

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Data Engineering

Virtusa’s Data Engineering accelerators help businesses to speed up their data management using industry-leading toolkits following outcome-driven data pipelines.

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Learn what Virtusa can do for you

Contact us to speak to an expert, request an assessment, or demo our solutions.

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