Partnership transforms VirtualBank’s legacy technology stack to a cloud-based API
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) has partnered with Tennessee-based First Horizon Bank (FHN) to transform the core banking channels and servicing capabilities of VirtualBank, an established digital bank that FHN inherited from Louisiana-based IBERIABANK as part of the merger completed in 2020. The combined entity’s assets are approximately US$87 billion.
Wipro worked with six other companies to streamline VirtualBank’s cloud migration and support its Fintech stack on a public cloud ecosystem. Wipro also supported the bank’s end-to-end program management, governance, customer data conversion, migration and validation, systems integration and testing services. This partnership resulted in a comprehensive transformation of VirtualBank’s legacy technology stack to a cloud-based, Application Programming Interface (API) enabled offering.
Wipro partnered with FHN to evaluate the Fintech cloud products, developed end-to-end solution architecture, core configuration and accounting fund flows, as well as managed customer data migration and a quality assurance plan. Wipro also invested in a real-time event aggregator capable of collecting mission critical events from various cloud sources and reconciling and reporting on them for regulatory purposes. Wipro’s business domain and technological insight and expertise contributed to a rapid cloud migration, requiring about eight months to complete the project implementation.
“Offering full cloud support to a digital bank with thousands of customers was a challenging exercise. Wipro was able to help guide the process by combining the best aspects of modern and legacy financial systems. A repeatable playbook was created for the go-live launch sequence that can bring a competitive advantage to the market,” Mahesh Raja, Vice President and Sector Head – Banking and Financial Services, Americas, Wipro Limited, said in a release on 13 Sept 2021.
“Wipro is proud to be First Horizon’s strategic business partner in this journey which has better equipped both companies for the future,” said Raja.
“We are proud to work with Wipro to support VirtualBank’s adoption of cloud technology and new capabilities. Through a collaborative process, we addressed the unique challenges of converting to a cloud-based ecosystem and setting up new capabilities to build upon in the future,” said Anthony Restel, Chief Operating Officer, First Horizon.
Wipro has a successful history of supporting cloud migration for a range of enterprises, taking a bespoke approach that considers the unique situation of every customer and partner to create the ideal digital transformation.
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 200,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.
First Horizon Corp. (NYSE: FHN) is a leading regional financial services company dedicated to strengthening the lives of our associates, clients, shareholders, and communities. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, mortgage, and title insurance services. First Horizon has been recognized as one of the nation’s best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. #banking #technology #Fintech #investment /fiinews.com
