Emirates NBD partners with Virtusa’s digital innovation hub to
implement and launch emiratesnbdlab.com to drive innovation and
digital transformation
Virtusa Corporation (NASDAQ GS:VRTU), a global provider of
digital strategy, digital engineering, and IT outsourcing services
that accelerates business outcomes for its clients, announced today
the successful implementation of the Middle East region’s first
Open Banking Sandbox with Emirates NBD, a leading banking group in
the UAE.
The Open Innovation Platform, developed by Virtusa’s innovation
hub, is a cloud-based sandbox environment that promotes a culture
of collaboration and innovation by connecting financial
institutions, FinTechs, corporates, educational institutions and
technology startups. It helps financial institutions tap into the
opportunities that leverage emerging technologies to solve real
business problems. The platform will enable Emirates NBD to
accelerate the pace of digitization and innovation by complementing
the bank’s internal capabilities with emerging technologies.
“Many banks are struggling to keep pace with dynamic FinTech
firms and tech giants that are developing and launching new banking
applications at a ‘Silicon Valley’-like speed. At the same time,
banks have to deal with the changes brought about by Open Banking
and other regulatory changes. Juggling the demands of these forces
is extremely difficult and requires banks to enable much greater
agility that empowers innovation,” said Senthil Ravindran,
executive vice president and global head of xLabs, Virtusa.
The Open Innovation Platform will provide Emirates NBD access to
ready proof of concepts and help transform a concept into working
prototypes. Additionally, the platform incorporates design
thinking, lean start-up, and agile development principles, thus
facilitating accelerated innovation with fewer resources.
“Emirates NBD has been happy to partner with Virtusa to debut
the first API Sandbox by a UAE Bank. This collaboration has enabled
us to offer the right tools for enterprising FinTechs and
developers who can now turn their creative ideas into real working
prototypes, which we would then test with real customers,” said
Evans Munyuki, chief digital officer at Emirates NBD. “We aim to
accelerate innovation to continuously bring new and differentiated
experiences to our stakeholders.”
“Virtusa is proud to partner with Emirates NBD in the launch of
the region’s first Open Innovation Platform. Our engineering skills
and in-depth understanding of banking has enabled us to build a
platform that brings banks, FinTech firms, and developers together
in one place, allowing them to innovate and improve the Digital
Banking experience for all customers,” said Vasudev Telikicherla,
senior vice president and head of Middle East Business,
Virtusa.
Virtusa’s Open Innovation Platform powers the Banking Industry
Architecture Network’s (BIAN) digital API exchange to help banks
drive faster open banking innovation and also powers the ASEAN
Financial Innovation Network’s (AFIN) APIX platform – the
world’s first cross-border, open architecture platform for
Financial Institutions and FinTechs to collaborate and catalyze
digital innovation while driving financial inclusion. APIX was
launched by Prime Minister of India, Mr. Narendra Modi and Deputy
Prime Minister of Singapore, Mr. Tharman Shanmugaratnam on November
14, 2018 during the Singapore FinTech Festival.
For more information on Virtusa’s Open Innovation Platform,
visit: www.virtusa.com/oip
About Emirates NBD
Emirates NBD is a leading banking Group in the region. As at
31st March 2018, total assets were AED 475.6 Billion, (equivalent
to approx. USD 129.4 Billion). The Group has a significant retail
banking franchise in the UAE and is a key participant in the global
digital banking industry, with over 90 per cent of all financial
transactions and requests conducted outside of its branches. The
bank was declared the Most Innovative Financial Services
Organization of the Year at the 2017 BAI Global Innovation
Awards.
The bank currently has 228 branches and 1057 ATMs and SDMs in
the UAE and overseas and a large social media following, being the
only bank in the Middle East ranked among the top 20 in the ‘Power
100 Social Media Rankings’, compiled by The Financial Brand. It is
a major player in the UAE corporate and retail banking arena and
has strong Islamic Banking, Global Markets & Treasury,
Investment Banking, Private Banking, Asset Management and Brokerage
operations.
The Group has operations in the UAE, Egypt, the Kingdom of Saudi
Arabia, India, Singapore, the United Kingdom and representative
offices in China and Indonesia.
The Group is an active participant and supporter of the UAE’s
main development and community initiatives, in close alignment with
the UAE government’s strategies, including financial literacy and
advocacy for inclusion of People with Disabilities under its
#TogetherLimitless platform. Emirates NBD Group is an Official
Premier Partner of Expo 2020 Dubai. For more information, please
visit: www.emiratesnbd.com
About Virtusa Corporation
Virtusa Corporation (NASDAQ GS: VRTU) 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.
© 2018 Virtusa Corporation. All rights reserved.
Virtusa, Accelerating Business Outcomes, BPM Test Drive and
Productization are registered trademarks of Virtusa Corporation.
All other company and brand names may be trademarks or service
marks of their respective holders.
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Amy LegereGreenoughalegere@greenough.biz(617) 275-6517
Virtusa (NASDAQ:VRTU)
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