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IMB Bank Selects Virtusa for Open Banking Compliance in Australia

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SOUTHBOROUGH, Mass., Sept. 21, 2020 (GLOBE NEWSWIRE) -- Virtusa Corporation (NASDAQ GS: VRTU), a global provider of digital strategy, digital engineering, IT services and solutions that help clients change and disrupt markets through innovation engineering, today announced that its CDR (Consumer Data Right) Solution has been selected by IMB Bank to assure the bank is compliant with the Australia Competition and Consumer Commission (ACCC) CDR regulations for open banking.

To support compliance by IMB Bank, Virtusa’s CDR solution leverages elements of its Open Innovation Platform (OIP) as well as components of WSO2 API Management and Identity & Access Management.

Through the CDR, the Australian Government has mandated that consumers have greater access to and control over their data. It will improve consumers’ ability to compare and switch between products and services and will encourage competition between service providers, leading not only to better prices for customers, but also more innovative products and services.

Financial institutions in Australia have until October 1, 2020, to comply with Phase 1 of product reference data (PRD) sharing obligations. 

“Given the likelihood that open banking will change our industry, we are developing a strategy for leveraging and managing the impacts and opportunities of CDR,” said Lauren Wise, general manager corporate services, IMB Bank. "As part of selecting a preferred Open Banking partner, we were most concerned with the quality of the solution, and finding the right fit, experience, and capability in our chosen vendor. Virtusa’s open banking solution scored the highest on these attributes and it has the real-world experience to help IMB Bank right now. Beyond compliance with Product Reference Data sharing obligations as a Data Holder, we look forward to continuing working with Virtusa to comply with all phases of Consumer Data Sharing (CDS) obligations.”

“Virtusa’s experience in open banking, financial compliance, and ability to partner with the right fintechs is the difference-maker for financial institutions up against compliance deadlines,” said Naresha Supramaniam, SVP, head of APAC, Virtusa. “Not only will IMB Bank achieve regulatory compliance, they now have the open banking foundation to leverage upon.”

“The core goal of open banking and the CDR is to give consumers control of their data and to put that data to work on their behalf,” said Seshika Fernando, VP and general manager, open banking, WSO2. “WSO2’s technology, which incorporates expertise from our deployments with some of the largest banks globally, together with Virtusa’s OIP is primed to help IMB Bank deliver on these goals.”

To learn more about Virtusa, please visit: virtusa.com/industry/bfs

About Virtusa
Virtusa Corporation (NASDAQ GS: VRTU) is a global provider of digital business strategy, digital engineering, and information technology (IT) services and solutions that help clients change, disrupt, and unlock new value through innovation engineering. Virtusa serves Global 2000 companies in the Banking, Financial Services, Insurance, Healthcare, Communications, Media, Entertainment, Travel, Manufacturing, and Technology industries.

Virtusa helps clients grow their business with innovative products and services that create operational efficiency using digital labor, future-proof operational and IT platforms, and rationalization and modernization of IT applications infrastructure. This is achieved through a unique approach blending deep contextual expertise, empowered agile teams, and measurably better engineering to create holistic solutions that drive business forward at unparalleled velocity enabled by a culture of cooperative disruption.

Virtusa is a registered trademark of Virtusa Corporation.  All other company and brand names may be trademarks or service marks of their respective holders.


Ron Favali
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ron@conversionam.com
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About VRTU

Virtusa Corporation is a global provider of Digital Business Transformation, Digital Engineering, and Information Technology (IT) outsourcing services that accelerate our clients' journey to their Digital Future. Virtusa serves Global 2000 companies in Banking, Financial Services, Insurance, Healthcare, Telecommunications, Media, Entertainment, Travel, Manufacturing, and Technology industries. Using a combination of digital strategy, digital engineering, business implementation, and IT platform modernization services, Virtusa helps clients execute successful end-to-end digital business transformation initiatives. Virtusa engages its clients to re-imagine their business models and develop strategies to defend and grow their business by introducing innovative products and services, developing distinctive digital consumer experiences, creating operational efficiency using digital labor, developing operational and IT platforms for the future, and rationalizing and modernizing their existing IT applications infrastructure. As a result, its clients are simultaneously able to drive business growth through digital-first customer experiences, while also consolidating and modernizing their IT application infrastructure to support digital business transformation. Holding a proven record of success across industries, Virtusa readily understands its clients' business challenges and uses its domain expertise to deliver innovative applications of technology to address its clients' critical business challenges. Examples include building the world's largest property & casualty claims modernization program; one of the largest corporate customer portals for a premier global bank; an order to cash implementation for a multinational telecommunications provider; and digital transformation initiatives for media and banking companies. Founded in 1996 and headquartered in Massachusetts, Virtusa has operations in North America, Europe, and Asia.