Fintech: Southeast News

Fintech Southeast News curated each weekday for Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee

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Posted September 15, 2021

 

Wipro Limited has forged a partnership with Tennessee-based First Horizon Bank (FHN) for transforming the key banking channels and servicing capabilities of VirtualBank.

First Horizon Bank had inherited VirtualBank, which is a digital bank, from Louisiana-based IBERIABANK, as part of the merger that closed last year.

The assets of the combined entity are around $87 billion.

Wipro said that it had worked with six other firms for streamlining the cloud migration of VirtualBank and for supporting its fintech stack on a public cloud ecosystem.

The Indian IT services provider is also said to have supported the end-to-end program management, customer data conversion, governance, migration and validation, systems integration and testing services of the bank.

The partnership is said to have resulted in a comprehensive transformation of the legacy technology stack of VirtualBank to a cloud-based, application programming interface (API) enabled offering.
Wipro partners with First Horizon Bank for cloud migration of VirtualBank

Wipro partners with First Horizon Bank for cloud migration of VirtualBank. Photo courtesy of Rameshng/Wikipedia.org.

{mprestriction ids="1,4,9"}Anthony Restel — Chief Operating Officer of First Horizon Bank said: “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.”

Wipro said that it has partnered with First Horizon Bank for assessing the fintech cloud products. Besides, the company had developed end-to-end solution architecture, accounting fund flows, and core configuration, while managing customer data migration and a quality assurance plan.

The Indian IT services provider said that it also invested in a real-time event aggregator that can collect mission critical events from multiple cloud sources and reconciling and reporting on them for regulatory purposes.

Mahesh Raja — Vice President and Sector Head – Banking and Financial Services, Americas, Wipro said: “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. Wipro is proud to be First Horizon’s strategic business partner in this journey which has better equipped both companies for the future.”

 

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