Virtusa collaborates with BIAN to develop an API exchange to support Open Banking movement

Virtusa Corporation (NASDAQ GS:VRTU), a global provider of digital strategy, digital engineering, and IT outsourcing services, that accelerates business outcomes for its clients, today announced its collaboration with the Banking Industry Architecture Network (BIAN) to launch BIANs API Exchange.

BIANs API Exchange, developed collaboratively by a group including Virtusa, BIAN member banks, and IT businesses, is an open, flexible, enterprise-grade computing platform built on the Microsoft Azure cloud infrastructure. The exchange currently features over 65 standardized API definitions that allow banks to reduce the complexity of building and delivering Open Banking capabilities by providing clear guidance on how to implement innovative and intuitive digital services across both back-end and customer-facing functions.

‘We are privileged to support BIANs Open Source ecosystem using our strong experience and expertise in building digital innovation platforms for banks and supporting Open Source products and communities in general, said Senthilkumar Ravindran, executive vice president and global head of Innovation Labs, Virtusa. We strongly believe that BIAN is moving in the right direction to introduce and apply their standards in the form of Open Source APIs and microservices. Not only will it help realize the benefits of standardization, but it will also achieve rapid acceleration in integration, quality assurance, and partnerships within the banking industry.’

The BIAN API Exchange was built on Virtusas Open Innovation Platform and features gamification to boost the right community behaviors. The gamified environment is designed to promote healthy and measurable meritocracy to enhance collaboration and contribution amongst the BIAN community. Further, the API Exchange will allow banks to modernize their critical legacy infrastructure and adopt standardized frameworks to facilitate more open and easy collaboration with FinTechs and RegTechs. BIANs API Exchange also consists of community-building collaboration tools such as wikis, forums, and ideation billboards where API and microservice creators and consumers can collaborate dynamically to create and use BIAN-based API implementations.

Source: Virtusa Corporation press release