The partnership enables a seamless transition to the cloud ecosystem and the integration of new fintech functions
Wipro Limited, a global leader in information technology, consulting and business process services, is partnered entered into with Tennessee-based First Horizon Bank (FHN) to transform VirtualBank’s core banking channels and service capabilities. VirtualBank is an established digital bank that FHN acquired from Louisiana-based IBERIABANK as part of the 2020 merger. The combined company’s assets will be approximately $ 87 billion.
“We are proud to work with Wipro to help VirtualBank transition to cloud technology and introduce new features. Through a collaborative process, we have overcome the unique challenges of moving to a cloud-based ecosystem and created new features that we can build on in the future “
Wipro worked with six other companies to streamline VirtualBank’s cloud migration and support their fintech stack in a public cloud ecosystem. Wipro also supported end-to-end program management, governance, customer data conversion, migration and validation, as well as system integration and test services for the bank. This partnership resulted in a comprehensive transformation of VirtualBank’s existing technology stack into a cloud-based, API-enabled offering.
Wipro worked with FHN to evaluate the fintech cloud products, developed the end-to-end solution architecture, core configuration and accounting cash flows, and managed customer data migration and a quality assurance plan. Wipro also invested in a real-time event aggregator that can capture and compare business-critical events from various cloud sources and evaluate them for regulatory purposes. Wipro’s expertise in business areas and technology contributed to a swift cloud migration, allowing the project implementation to be completed in approximately eight months.
Read More: Grayscale Investments Doubles Its Suite of SEC Reporting Investment Products
“Offering full cloud support for a digital bank with thousands of customers was a huge challenge. Wipro was able to guide the process by combining the best aspects of modern and existing financial systems. A repeatable launch sequence flowchart has been created that can provide a competitive advantage in the marketplace. Wipro is proud to be First Horizons’ strategic business partner on this journey that has better prepared both companies for the future, ”said Mahesh Raja, Vice President and Sector Head – Banking and Financial Services, Americas, Wipro Limited.
“We are proud to work with Wipro to help VirtualBank transition to cloud technology and introduce new features. Through a collaborative process, we have overcome the unique challenges of moving to a cloud-based ecosystem and created new features that we can build on in the future, “said Anthony Restel, Chief Operating Officer, First Horizon.
Wipro has a successful history of supporting cloud migrations for a number of companies, taking an individual approach that takes into account the unique situation of each customer and partner to enable the ideal digital transformation.
Read More: Socure and SpecTrust Partner to Seamlessly Deliver Digital Identity Verification and Fraud Solutions
