There is a lot that human beings have learned to do well, and yet there is still nothing we do better than growing on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the right goods. The same has grown increasingly evident over the recent past, and assuming one new fintech-themed development shakes out just like we envision, it will only make that trend bigger and better moving forward.
Virtusa Corporation, a global provider of digital strategy, digital engineering, and information technology (IT) services and solutions, has officially collaborated with Thought Machine to launch a SME Customer Onboarding platform, which is meant to give business banking a whole new look. Powered by Virtusa’s expertise in digital transformation and Thought Machine’s advanced core banking platform named Vault Core, the new solution brings to the fore an assortment of features that will make the process in question more accurate, convenient, and compliant. But how would this value proposition look on a practical note? Well, starting from an obvious point, the platform eliminates any need for us to put up with heaps of physical paperwork, as it births an entirely digital approach to onboarding. Next up, the promised acceleration is also evident in the way it performs Instant KYB and KYC processes, capturing company information, shareholders, and directors’ information without wasting any time whatsoever. Coming back to the prospect of an efficient compliance operation, the solution notably enforces required compliance and due diligence checks throughout the entire application process. By doing so, it is able to help businesses work quite seamlessly around different regulatory standards in different locations. Moving on, another route that Virtusa and Thought Machine have conceived to assist you in building a better customer experience talks to real-time decision making. You see, having the chance to make calls immediately as a development occurs should enable businesses to not only take timely decisions, but it also turns those decisions into something more informed than ever before.
“We believe that Thought Machine is one of the leading next-generation core banking providers, owing to Vault Core’s composable microservices architecture and numerous pre-configured financial products. We are excited to have developed a seamless digital onboarding journey on top of Vault Core, leveraging Thought Machine’s easy-to-use APIs and superb technology vendor ecosystem,” said Amit Bhute, SVP & Head of Banking Practice at Virtusa Corporation.
Fair enough, founded in 2014, Thought Machine has climbed up one the back of its cloud-native core banking and payments technology. Giving banks complete control over building any product they deem fit, the stated technology’s excellence can be validated through the fact that it is at the moment, trusted by the likes of Intesa Sanpaolo, ING Bank Śląski, Lloyds Banking Group, Standard Chartered, SEB, Lunar, Atom Bank, Curve, and many other giants.
As for Virtusa, it delivers digital engineering and technology services and solutions at the disposal of Forbes Global 2000 companies in the finance, healthcare, communications, media, entertainment, travel, manufacturing, and technology industries worldwide. Currently comprised of 35,000 builders, makers, and doers, Virtusa is all about empowering businesses to build a creative ideology in the face of modern business challenges.
“For financial institutions, providing the best customer experience is more critical than ever to remain competitive. Virtusa’s digital platform has solved the issue of poor customer experience during onboarding for SMEs. Integrating Virtusa’s modern, open-architecture design with our real-time core and APIs enables enhanced automation during KYC, KYB, and account opening, providing significant cost and efficiency benefits for our clients,” said Randolph McFarlane, Director of Partnerships, EMEA, Thought Machine.
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