success story

Monetizing trade and treasury services

Transaction banking API channel processes one billion corporate APIs

Our client is a large global bank headquartered in the USA, offering a range of financial products and services for personal and business customers.

Virtusa helped the client build a single integrated global front end for its corporate banking products (trade, cash, payments), catering to multiple client segments across 120+ countries and 20+ languages with file/host-to-host and reporting capabilities.

With a newly built flexible system architecture, the client could increase scalability and meet the emerging needs of its corporate customers. Virtusa, drawing upon its corporate banking and technology experience, also helped the client improve the quality of delivery and reduce time to market.

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The Challenge

The client aimed to develop a flexible system architecture to increase scalability and meet the emerging needs of corporate customers. Their objectives included modernizing their corporate banking application to improve usability and user experience, improve quality of delivery, and reduce time-to-market.

Furthermore, the client wanted to expand to a white-label market space and reduce costs by effectively reusing services within and across multiple business domains while transitioning into a 24/7 development and support model.

The Solution

Virtusa sought to create a unified and integrated global front-end solution for the client’s corporate banking products and platforms, including:

  • Incorporating a cutting-edge design for trade finance, cash management, and payment transactions, featuring a layered entitlement framework, open API services, file imports, and payment export functionality.
  • A robust application architecture with built-in redundancy to ensure high availability and support straight-through processing for high-volume payment and file transactions.
  • Next-gen metadata-driven UI development to ensure a consistent look and feel across multiple screens, white label implementation support, and simplified future coding enhancement and maintenance.
  • A service architecture-driven business engine with multiple application development frameworks for instruction, validation, augmentation, flow control, auditing, scheduling, and governance enforcing processes across a distributed development environment.

 

Monetizing trade and treasury services solution
The Benefit

Post architecture modernization, the client achieved significant results, including:

Saving over $15 million in annual costs

Increased their market penetration and share through white-label and re-engineering initiatives.

Increased transaction numbers to $6 trillion per month with 100,000+ active clients daily

Their application has been award-winning for 10+ years and recognized by Euromoney, Global Finance, Greenwich, and more.

Corporate Banking

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