Virtusa Corporation , a global digital engineering and IT services provider, has partnered with Thought Machine to launch SME Customer Onboarding platform. By leveraging Thought Machine's core banking engine known as Vault Core and Virtusa's processes in digital transformation, the SME Customer Onboarding platform is able to offer a varied range of features.

The platform is designed for financial institutions to expedite and digitise their SME customer onboarding journey. With a focus on accuracy, compliance, and convenience, this collaborative solution aims to enable banks to make fast decisions and effectively onboard customers into their digital banking ecosystem. Main features of the SME Customer Onboarding Platform Digitised Onboarding: by utilising digital technologies, banks can onboard SME customers efficiently, minimising the need for traditional physical paperwork.  KYC & KYB: the platform performs instant KYB and KYC processes, capturing company information, shareholders, and directors' information.  Enhanced Compliance: the solution enforces required compliance and due diligence checks throughout the whole application process.

This will ensure adherence to necessary requirements and regulatory standards.  Real-time Decisioning: with the platform, the aim is for financial institutions to make quicker and better-informed decisions, thereby providing an enhanced customer experience. More about Virtusa and its recent developments Virtusa Corporation is a technology solutions provider for companies operating in sectors such as financial services, healthcare, communications, entertainment, travel, manufacturing, and more. Based in the US, Virtusa aims to help clients grow their business with products and services that create operational efficiency using digital labour, future-proof operational and IT platforms, as well as rationalisation and modernisation of IT applications infrastructure.

In June 2023, Virtusa partnered with UK-based Icon Solutions. With the partnership Icon Payments Framework (IPF), integrated with Virtusa to create an ecosystem designed to help banks achieve their payments transformation objectives. The Icon Payments Framework is a low-code, cloud-native, open-source framework that can be used by banks to create their own payment processing solutions.

The objective can be achieved by using an IPF software development kit and optional modules or scheme packs. More about Thought Machine and its recent developments Based in the UK, Thought Machine has developed the foundations of modern banking with its cloud-native core banking engine, Vault Core, and its payments technology. Vault Payments is a cloud-native payments processing platform, launched with card processing on the Mastercard network.

The company aims to create technology that can run the world’s banks according to the designs and software practices of the modern age. Thought Machine now operates in Europe, Asia, North America, Australasia as well as the Middle East. In August 2023, Thought Machine partnered with Cordada, a Latam-based private debt platform catering to lenders and fintechs that serve SMEs.

With the partnership, Cordada made use of Thought Machine's Vault Core to develop personalised financial products for SME lenders and fintechs across the Latin American region. Cordada also utilised Vault Core as Software-as-a-Service (SaaS) hosted on the Google Cloud Platform (GCP). Moreover, Cordada was able to create financial products by using Thought Machine’s global Product Library, which contains a collection of pre-built smart contracts.

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