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.