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Business News
Wipro and First Horizon Bank forge a cloud-based fintech future for virtualBank
 
Bengaluru, IT major Wipro Limited has partnered with Tennessee-based First Horizon Bank (FHN) to transform the core banking channels and servicing capabilities of VirtualBank, a 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.

Wipro worked with six other companies to streamline VirtualBank’s cloud migration and support its fintech stack on a public cloud ecosystem. Wipro also supported the bank’s end-to-end program management, governance, customer data conversion, migration and validation, systems integration and testing services. This partnership resulted in a comprehensive transformation of VirtualBank’s legacy technology stack to a cloud-based, Application Programming Interface (API) enabled offering, according to a statement issued here on Monday.

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.

“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,” said Mahesh Raja, Vice President and Sector Head - Banking and Financial Services, Americas, Wipro Limited.

“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,” said Anthony Restel, Chief Operating Officer, First Horizon.

Wipro has a successful history of supporting cloud migration for a range of enterprises, taking a bespoke approach that considers the unique situation of every customer and partner to create the ideal digital transformation.


Leading garment exporter Kitex Group to invest Rs 2,400 cr in Telangana
Sensex, Nifty snap winning streak, end in red
Bringing diesel, petrol in GST may be discussed in Council meeting, also on agenda is taxing Swiggy, Zomato
PepsiCo set up food plant in Mathura
Without GST documents Arecanut transporting vehicles seized
Mahindra XUV700 makes a pitstop in Bengaluru
India's industrial production grew 11.5 per cent in July on low base, recovery
FADA expresses shock over Ford India's announcement to stop manufacturing vehicles in India
FICCI, PHDCCI welcome PLI for textile sector
Domestic air passenger traffic up 31% at 66 lakh in Aug on higher capacity deployment: ICRA
Jio completes 5 yrs of operations; tech world congratulates
Hero MotoCorp and Harley-Davidson expand customer touch points, open bookings for next lot of ‘Pan America 1250’ adventure bike
Rupee inches 3 paise higher to 73.03 against US dollar in early trade
HDFC Life to acquire Exide Life Insurance for Rs 6,687 crore
M Suresh takes over as Member (Air Navigation Services) at AAI
Tata Motors launches Tigor EV with price starting at Rs 11.99 lakh
Google removes 95,680 content pieces in July in India: Compliance report
Maruti Suzuki announces hike in car prices from September citing high input costs
Asian stocks mixed ahead of possible Fed guidance
Apple loosens app store payment rules in lawsuit settlement
KERALA NEWS
Schools in Kerala to reopen from Nov 1
 Thiruvananthapuram, Schools in Kerala will be reopened from November 1, Chief Minister Pinarayi Vija  
Kerala to allot 36.84 acres land to TCS, aims to create 10,000 jobs
PDP leader Poonthura Siraj passes away
Rajya Sabha MP Suresh Gopi courts controversy
INTERNATIONAL NEWS
Taliban continue restrictive policies on women's education, resume secondary school lessons only for male students
 Kabul, Since capturing power more than a month ago the Taliban has been imposing restrictive rules f
International community must think carefully, consult before giving acceptance to new Kabul regime: PM Modi
Australia, UK, US announce new partnership 'AUKUS'; to help Canberra acquire nuclear-powered subs
Female footballers from Afghanistan flee to Pakistan to escape Taliban
NATIONAL NEWS
Sidhu is a 'friend of Pakistan', will oppose if he is appointed CM: Amarinder Singh
 Chandigarh, Captain Amarinder Singh, who resigned as the chief minister of Punjab on Saturday, accus
Rahul attacks BJP govt over unemployment issue
Six states including UP, Delhi and Haryana report dengue outbreak: Govt
Right time for ‘take off’ on CIS- India relationship: Jyotiraditya Scindia
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