Wipro and First Horizon Bank partners a cloud-based fintech future for virtual bank
Wipro a leading global information technology, consulting, and business process services company, has partnered with Tennessee-based First Horizon Bank (FHN) to transform VirtualBank, an established digital bank that FHN acquired from Louisiana-based IBERIABANK as part of the merger. The combined business has around $87 billion in assets.
Wipro collaborated with six other organisations to help VirtualBank optimise its cloud migration and support its fintech stack on a public cloud environment. Additionally, Wipro assisted the bank with end-to-end programme management, governance, data conversion, migration, and validation, as well as systems integration and testing. This collaboration resulted in the complete transformation of VirtualBank's old technology stack into a cloud-based, Application Programming Interface (API)-enabled service.
Wipro collaborated with FHN to analyse fintech cloud products, design an end-to-end solution architecture, core configuration, and accounting money flows, as well as manage client data migration and a quality assurance plan. Additionally, Wipro invested in a real-time event aggregator capable of collecting mission-critical events from a variety of cloud sources and reconciling and reporting on them for regulatory compliance needs. Wipro's business domain understanding, technology insight, and competence resulted in a quick cloud migration that took around eight months to complete.
"Providing complete cloud support to a digital bank with thousands of customers was a difficult task. By merging the greatest features of current and old financial systems, Wipro was able to assist in guiding the process. A repeatable playbook was developed for the go-live launch sequence, which can provide the market with a competitive edge. Wipro is happy to have been First Horizon's strategic business partner during this journey, which has strengthened both firms' future capabilities "Mahesh Raja, Wipro Limited's Vice President and Sector Head for Banking and Financial Services in the Americas, stated.
"We are honoured to partner with Wipro to assist VirtualBank in using cloud technologies and acquiring new capabilities. We overcame the specific hurdles of switching to a cloud-based ecosystem and establishing new capabilities on which to expand in the future through a collaborative process "First Horizon's Chief Operating Officer, Anthony Restel, stated.
Wipro has a great track record of assisting organisations with cloud migration, employing a tailored approach that considers the specific circumstances of each customer and partner in order to build the optimum digital transformation.