Wipro Limited has partnered with Tennessee-based First Horizon Bank 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 $87 billion.
“Offering full cloud support to a digital bank with thousands of customers was a challenging exercise,” said Mahesh Raja, vice president and sector head – banking and financial services, Americas, Wipro Limited.
A repeatable playbook was created for the go-live launch sequence that the companies say can bring a competitive advantage to the market.
Wipro worked with six other companies to streamline VirtualBank’s cloud migration and support its fintech stack on a public cloud ecosystem.
“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 partnered with FHN to evaluate the fintech cloud products; developed end-to-end solution architecture, core configuration and accounting fund flows; and 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.