VirtusaPolaris Announces Launch Of Its OpenBank API Accelerator To Advance Financial Technology Innovation

VirtusaPolaris, the market-facing brand of Virtusa Corporation and Polaris Consulting & Services, Ltd., a leading worldwide provider of information technology (IT) consulting and outsourcing services, today announced the launch of the VirtusaPolaris OpenBank API Accelerator at the inaugural Singapore FinTech Festival. Addressing the market need for rapidly developing solutions for API banking, the OpenBank API Accelerator provides financial services and banking organizations with the tools they need to create new product propositions, add digital-native capabilities, and build new business models, as well as partner with FinTech firms more efficiently and effectively.

"API banking is poised to change the face of financial services as a shift to open platforms can create new, dynamic, value-driven ecosystems across areas such as payments, lending, personal financial management, trade finance and supply chain," said Bob Graham, global solutions head, Banking and Financial Services at VirtusaPolaris. "Recognizing the need for banks to create capabilities to participate in this wider ecosystem of FinTech APIs and partners, we developed the OpenBank API Accelerator to enable our clients to introduce new features quicker and deliver compelling services ahead of customer demands."

VirtusaPolaris OpenBank API Accelerator features three main components - FinTech Connect, a curated list of APIs from 50+ innovative FinTechs; Core Connect, adaptors to connect APIs to core banking systems, blockchain rails, BFS specific messaging systems; and BIAN Compliant MicroServices Blueprint for lending, payments and wealth management with more to be added.

"We believe that a carefully crafted API strategy is the key to accelerate business innovation," said Senthil Ravindran, global head of FinTech Lab, Banking and Financial Services at VirtusaPolaris. "Our OpenBank API Accelerator provides banks with an ability to securely and rapidly enhance their digital offerings using an ecosystem of 3rd party applications, connectors and services that we have created to kick-start their API journey and ultimately build next generation digital products and services."

For more information on VirtusaPolaris' API banking offerings, please visit http://www.virtusapolaris.com/industries/banking-and-financial-services/industry-solutions/api-banking/.

About VirtusaPolaris

VirtusaPolaris, the market-facing brand reflecting the combined strengths of Virtusa Corporation and Polaris Consulting & Services, Ltd. is a global provider of information technology (IT) consulting and outsourcing services that accelerate business outcomes for Global 2000 companies and leading software vendors in banking and financial services, insurance, healthcare, telecommunications, technology, media and entertainment.

VirtusaPolaris' solutions address the CXOs' dual challenge of growing revenues while improving IT cost efficiencies. VirtusaPolaris' digital services leverage innovative new technologies to reimagine the customer experience, increasing retention and creating lasting value. VirtusaPolaris' preemptive outsourcing solutions help clients reduce risk and improve IT operations.

VirtusaPolaris delivers services across the IT lifecycle, including consulting, solution design, technology selection, implementation, testing and maintenance & support, including infrastructure support. Inheriting a strong heritage in software engineering, VirtusaPolaris is highly qualified to both develop and maintain software, using a proven platforming methodology and advanced Agile and Accelerated Solution Design techniques to reliably produce results on time and within budget.

Holding a record of success across industries and unparalleled domain expertise, VirtusaPolaris understands clients' business challenges best and uses that to deliver distinctive, differentiated and innovative application of technology to solve those problems. Examples of large business transformations completed include the world's largest P&C claims modernization program, one of the largest corporate customer portals for a premier global bank, an order to cash implementation for a multinational telecommunications provider, and digital transformations for media and banking companies.

Virtusa Corporation is headquartered in Massachusetts, and together with Polaris, has 50 offices across North America, Europe and Asia.

Polaris Consulting & Services is a subsidiary of Virtusa Corporation. Copyright © 2016  Virtusa Corporation . All Rights Reserved.

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