Partnership enables seamless transition to cloud ecosystem and integration of new fintech capabilities
A leading global information technology, consulting and business process services company, Wipro Limited has teamed up with Tennessee-based First Horizon Bank (FHN) 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.
Wipro collaborated with six other organisations to help VirtualBank migrate to the cloud and support its fintech stack on the public cloud. Wipro also provided end-to-end programme management, governance, customer data conversion, migration, and validation, as well as system integration and testing services to the bank. VirtualBank’s old technology stack was transformed into a cloud-based, API-enabled service as a result of this relationship.
Wipro collaborated with FHN to assess fintech cloud solutions, design end-to-end solution architecture, core configuration, and accounting fund flows, as well as manage client data migration and a quality assurance plan. Wipro has purchased a real-time event aggregator that can collect mission-critical events from a variety of cloud sources, reconcile them, and report on them for regulatory purposes. The business domain and technology understanding and skills of Wipro helped to a quick cloud migration, which took roughly eight months to complete.
“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.