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, unveils the groundbreaking SME Customer Onboarding Platform.
This 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.”
Amit Bhute, SVP & Head, Banking Practice at Virtusa, said:
“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.”
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.
Randolph McFarlane, Director of Partnerships, EMEA, Thought Machine, said:
“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.”
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 say they are looking forward to “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.”