Virtusa and Thought Machine Launch the SME Customer Onboarding Platform to Streamline Business Banking

SOUTHBOROUGH, Mass., Aug. 9, 2023 /PRNewswire/ -- Virtusa Corporation, a global provider of digital strategy, digital engineering, and information technology (IT) services and solutions, in collaboration with Thought Machine, a pioneer in cloud-native core banking technology, proudly unveils the groundbreaking SME Customer Onboarding Platform. This revolutionary solution empowers financial institutions to expedite and digitize the SME customer onboarding journey, providing a seamless and efficient experience for small and medium-sized enterprises (SMEs).

The SME Customer Onboarding platform, powered by Virtusa's expertise in digital transformation and Thought Machine's advanced core banking platform, Vault Core, offers an array of powerful features designed to accelerate the onboarding process for SME customers. With a focus on accuracy, compliance, and convenience, this collaborative solution enables banks to make faster decisions and efficiently onboard customers into their digital banking ecosystem.

"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." -- Amit Bhute, SVP & Head, Banking Practice at Virtusa.

Key features of the SME Customer Onboarding Platform include:

• Digitized Onboarding: By leveraging digital technologies, banks can now onboard SME customers conveniently and efficiently, minimizing the need for physical paperwork.
• KYC & KYB: The platform seamlessly performs Instant KYB and KYC processes, capturing company information, shareholders, and directors' information instantly.
• Enhanced Compliance: The solution enforces required compliance and due diligence checks throughout the entire application process, ensuring adherence to regulatory standards.
• Real-time Decisioning: Financial institutions can make faster and better-informed decisions, thereby providing a superior customer experience.

"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." – Randolph McFarlane, Director of Partnerships, EMEA, Thought Machine.

The SME Customer Onboarding Platform offers financial institutions a competitive edge by simplifying and accelerating the SME onboarding journey. By combining Virtusa's domain expertise with Thought Machine's innovative core banking technology, financial institutions can onboard small and medium-sized enterprise (SME) customers in a simple, fast, and digitally empowered manner, and adapt a straight-through processing mechanism.

Virtusa and Thought Machine are excited about the positive impact this collaboration will have on the SME banking sector. As part of their joint commitment to driving innovation, both companies are actively seeking feedback from financial institutions and SMEs to further enhance and optimize the platform's capabilities.

For more information about the SME Customer Onboarding Platform and its benefits, please visit: https://www.thoughtmachine.net/joint-solutions/virtusa

About Thought Machine

Thought Machine has developed the foundations of modern banking with its cloud-native core banking and payments technology. Its cloud-native core banking engine, Vault Core, is trusted by leading banks and financial institutions worldwide, including Intesa Sanpaolo, ING Bank Śląski, Lloyds Banking Group, Standard Chartered, SEB, Lunar, Atom Bank, Curve, and more.

Vault Payments is a cloud-native payments processing platform – launching first with card processing on the Mastercard network, with full coverage available from 2023.

The Vault platform has been written from scratch as an entirely cloud-native system and gives banks full control to build any product required to flourish in a rapidly changing world.

Thought Machine is currently a team of more than 500 people spread across offices in London, New York, Singapore, Sydney, and Melbourne and has raised more than $500m in funding.

For more information, visit www.thoughtmachine.net

About Virtusa

Virtusa Corporation is a global provider of digital engineering and technology services and solutions for Forbes Global 2000 companies in the financial services, healthcare, communications, media, entertainment, travel, manufacturing, and technology industries worldwide. At Virtusa, digital engineering is at the heart of everything we do. We are 35,000 builders, makers, and doers that partner with customers to reimagine enterprises and creatively build solutions to the most pressing business challenges that move them to the forefront of their industries.

Virtusa's unique Engineering First approach means never presenting an idea we can't execute. With deep industry expertise and empowered agile teams made up of world-class talent, we think about execution early in the process, because the earlier you think about execution the earlier an idea can have an impact. Solving from the inside out enables businesses to respond swiftly to changing needs with improved quality, lower costs, and lasting results.

Virtusa is a registered trademark of Virtusa Corporation. All other company and brand names may be trademarks or service marks of their respective holders. Discover more at Virtusa's Newsroom and follow us on LinkedIn.

Virtusa Media Contact:

Alex Nickols, Edelman 
+1 (415) 430 8056
[email protected]

SOURCE Virtusa Corporation