India-based IT, consulting, and business services company Wipro Limited has revealed the progress made from a recent cloud-centric partnership. First Horizon Bank (FHN), a financial services company with headquarters in Tennessee, worked with Wipro in an effort to reshape the core banking channels and servicing proficiencies of its VirtualBank subsidiary. First Horizon and VirtualBank, the latter of which was acquired as part of a 2020 merger, have a joint asset value of about $87 billion.
\Wipro tapped the services of six other companies to help in facilitating VirtualBank’s cloud migration and housing its fintech stack on a public cloud ecosystem. Wipro was also on hand to bolster VirtualBank’s customer data conversion, end-to-end program management, systems integration, migration, and validation services. The FHN and Wipro union was able to deliver on an all-encompassing migration of its charge’s legacy technology assets to a cloud-native, API-enabled offering.
“Offering full cloud support to a digital bank with thousands of customers was a challenging exercise,” said Mahesh Raja, Vice President and Sector Head of Banking and Financial Services of Wipro Limited in the Americas. “Wipro was able to help guide the process by combining the best aspects of modern and legacy financial systems.” Wipro’s methodology entailed fintech cloud compatibility evaluation, end-to-end solution development, customer data migration management, and more. The company also put up an investment to procure a real-time event aggregator that could collect mission-critical event data from cloud sources in order to reconcile and report on them for regulatory processes.