VirtusaPolaris to launch OpenBank API Accelerator to further fintech innovations

VirtusaPolaris, the provider of information technology (IT) consulting and outsourcing services, announced the launch of its OpenBank API Accelerator in a move to advance fintech innovations.

The announcement was made during the inaugural Singapore FinTech Festival. This OpenBank API Accelerator will offer financial services and banking organizations with the tools, they need to create new product propositions. It adds digital-native capabilities, and builds new business models, as well as partners with fintech firms more efficiently and effectively, the release stated.

“We believe that a carefully crafted API strategy is the key to accelerating business innovation. Our OpenBank API Accelerator provides banks with an ability to securely and rapidly enhance their digital offerings using an ecosystem of 3rd party applications, connectors and services that we have created to kick-start their API journey and ultimately build next-generation digital products and services,” Senthil Ravindran, global head of FinTech Lab, Banking and Financial Services at VirtusaPolaris said.

The VirtusaPolaris OpenBank API Accelerator will have three key components - FinTech Connect, a curated list of APIs from 50+ innovative fintechs; Core Connect, adaptors to connect APIs to core banking systems, blockchain rails; and BIAN Compliant MicroServices Blueprint for lending, payments and wealth management, with more to be added.

“Recognizing the need for banks to create capabilities to participate in this wider ecosystem of fintech APIs and partners, we developed the OpenBank API Accelerator to enable our clients to introduce new features quicker and deliver compelling services ahead of customer demands,” Bob Graham, global solutions head, Banking and Financial Services at VirtusaPolaris said.