Wipro, First Horizon Bank forge cloud-based fintech future for VirtualBank

The IT major has partnered with US-based First Horizon Bank (FHN) to transform the core banking channels and servicing capabilities of VirtualBank, an established digital bank.

VirtualBank is an established digital bank that First Horizon Bank (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 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 the transformation of VirtualBank's 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. The company's business domain and technological insight and expertise contributed to a rapid cloud migration, requiring about eight months to complete the project implementation.

On a consolidated basis, the IT major reported a 9.20% rise in net profit to Rs 3,248 crore in Q1 June 2021 (Q1 FY22) as against Rs 2,974.30 crore in Q4 March 2021 (Q4 FY21). Revenues grew 12.35% to Rs 18,252.40 crore in Q1 June 2021 over Q4 March 2021.

Shares of Wipro rose 0.51% to Rs 674.20 on BSE. Wipro is a global information technology, consulting and business process services company.

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