Leading IT company Wipro recently announced a partnership with Tennessee-based First Horizon Bank (FHN) to transform the servicing capabilities and core banking channels of VirtualBank. VirtualBank is an established digital bank that FHN inherited from IBERIABANK as part of the merger completed last year. The combined entity’s assets are approximately worth US$ 87 billion.
Wipro is known for adopting a bespoke approach with regards to supporting cloud migration for a range of enterprises. Wipro also worked with six other companies to support its fintech stack on a public cloud ecosystem and streamline VirtualBank’s cloud migration. Wipro supported the bank’s end-to-end program management, migration and validation, systems integration, governance, customer data conversion, and testing services.
Wipro FHN collaboration resulted in a comprehensive transformation of VirtualBank’s legacy technology stack to a cloud-based, Application Programming Interface enabled offering. Wipro’s partnership with FHN dealt with evaluating the fintech cloud products, core configuration, and accounting fund flow, developed end-to-end solution architecture, managed customer data migration and a quality assurance plan.
The tech giant also invested in a real-time event aggregator which possesses the capability of collecting mission-critical events from several cloud sources and reconciling/reporting on them for regulatory purposes. Wipro’s business domain, coupled with its technological insight and expertise, contributed to rapid cloud migration, requiring nearly eight months to complete the project implementation.
Mahesh Raja, who works as Vice President and Sector Head – Banking and Financial Services, Americas, Wipro Limited, stated that offering full cloud support to a digital bank with thousands of users was challenging. He added that Wipro was able to help guide the process by combining the best efficient aspects of modern and legacy financial systems.
Raja pointed out that a repeatable playbook was created for the go-live launch sequence that has the potential to bring a competitive advantage to the market. He said that Wipro is proud to be First Horizon Bank’s strategic business partner in this journey which has better equipped both firms for the future.
Anthony Restel, Chief Operating Officer, First Horizon, noted that they are proud to work with Wipro to support VirtualBank’s adoption of cloud technology as well as new capabilities. He added that through a collaborative process, they addressed the unique challenges of converting to a cloud-based ecosystem and setting up new capabilities to build upon in the future.