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Virtusa & Thought Machine to launch SME customer onboarding platform

By Delisha Fernandes

August 10, 2023

  • account opening
  • Financial Institutions
  • Fintech news

Virtusa Corporation, a provider of digital strategy, digital engineering, and information technology (IT) services and solutions, has partnered with Thought Machine, a cloud-native core banking technology, to launch the SME Customer Onboarding Platform.

This new SME Customer Onboarding Platform helps financial institutions to expedite and digitise the SME customer onboarding journey, providing a seamless and efficient experience for small and medium-sized enterprises (SMEs).

“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,” said Amit Bhute, SVP & Head of Banking Practice at Virtusa.

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.

“For financial institutions, providing the best customer experience is more critical than ever to remain competitive. Virtusa’s digital platform has solved the 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.” said Randolph McFarlane, Director of Partnerships, EMEA, Thought Machine.

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.

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