Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Stock Report

| More

Wipro and First Horizon Bank Forge a Cloud-Based Fintech Future for VirtualBank

Posted On: 2021-09-13 12:03:27 (Time Zone: UTC)


Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company, has partnered 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 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.

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.

Shares of Wipro Ltd., was last trading in BSE at Rs. 670.8 as compared to the previous close of Rs. 662.2. The total number of shares traded during the day was 328486 in over 5247 trades.

The stock hit an intraday high of Rs. 671.9 and intraday low of 658. The net turnover during the day was Rs. 219208906.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com


Other Headlines:

Quick Heal appoints global industry veteran Richard Stiennon to its Board

RBI imposes penalty of Rs. 2 crore on RBL Bank Ltd

Whirlpool India enters into agreements to acquire majority stake of Elica PB India

Indiabulls Housing Finance Ltd. raises ₹ 27 crores by selling part of its stake in OakNorth Holdings Ltd

Federal Bank launches RuPay Signet Contactless Credit Card

First procedure in Asia-Pacific performed with Medtronic Hugo™ robotic-assisted surgery system

Websol Energy System Ltd's Module approved by MNRE

Tata Steel join the Sea Cargo Charter to reduce 'Scope 3' greenhouse gas emissions in ocean trade

ICICI Bank to offer instant overdraft to sellers registered on amazon.in

ICRA upgrades rating of Jindal Steel and Power Ltd

Avi Products India Ltd board to consider preferential allotment on Oct 1, 2021

Raymond Board approves Business Consolidation

HDFC Bank allots 6.44% 2028 Bonds

Minor Fire at records storage room of Kovai Medical Center and Hospital Ltd

Whirlpool of India Ltd increases stake in Elica India

Praveg Communications India Limited wins award and recognition to Tent City Narmada at Kevadiya

Karur Vysya Bank donates Rs. 3.14 crores to PM CARES FUND under CSR

ICICI Prudential Life Insurance Company Ltd board to consider Q2, H1FY22 results on Oct 19, 2021

A F Enterprises Ltd board to consider conversion of warrants on Sep 30, 2021

ICRA upgrades rating of Indian Metals and Ferro Alloys Ltd

Bharat Forge Limited - The First Indian Company to Achieve Nadcap® Accreditation for Metallic Materials Manufacturing

ICRA upgrades ratings of IDBI Bank

Aditya Vision Ltd opens 73rd showroom

TCS Recognized as a Leader in Procurement Outsourcing by Everest Group

Athena Global Technologies Subsidiary MedleyMed Enters the Global Market with a Suite of Digital Solutions for Both Pharmacy and Patient Care

Adani Airport Holdings Ltd signs SSA with AMRPL for operating duty free outlets

Orient Paper & Industries Ltd reappoints MD

Pondy Oxides & Chemicals Ltd commences trial production of copper recycling

Cyient achieves Select Tier Status in the AWS Partner Network with its evolving expertise in Digital Transformation solutions

SBI Signs SLA with Paisalo Digital for engagement as National Business Correspondent

Intellect launches Capital Cube 21, a Contextual Treasury Platform fueled by Composable Next Gen Technology

IndusInd Bank spreads joy among underprivileged children this festive season

Rare Asset Reconstruction Ltd acquires financial assets of Impex Ferro Tech Limited from SBI

WardWizard Innovations & Mobility Ltd. to double the production capacity by October 2021

InterGlobe Technology Quotient and EaseMyTrip announce agreement worth $10 million

Birlasoft Solution achieves Oracle Validated Integration with JD Edwards EnterpriseOne Expertise for Delivering Proven, Repeatable Integration

Gokul Agro Resources Limited wins Globoil Rising Star of the Year 2021 award

Nucleus Software's PaySe passes RBI's Regulatory Sandbox

Ind-Ra upgrades rating of Happiest Minds Technologies Ltd

Kreon Finnancial Services Ltd updates on business performance

IndusInd Bank partners with Vistara to launch a co-branded credit card

Patel Engineering bags new order of Rs. 1251 crore Teesta-VI Hydro Electric Project

Renaissance Global establishes Strategic Advisory Board

Mindtree Recognized by Great Place to Work® as one of India's Best Workplaces™ for Women 2021

Manali Petrochemical Ltd to partner with Econic, UK for new Polyol Technology

Goa Carbon Ltd shuts down Bilaspur Unit, Goa Unit for maintenance work

Government of India announces India's airspace map for Drones operations

Astrazeneca Pharma India Ltd receives import and market permission for Selumetinib 10 Mg & 25 Mg Capsule

Spirit of Wipro Run brings together participants from 35 countries

Federal Bank partners with Ashok Leyland


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020