Open Innovation Platform (OIP) for Open Banking

OIP accelerates Open Banking transformations via innovation and faster time to market for digital propositions

As open banking and embedded finance become more common, financial institutions are asked to adapt or to miss out on potential opportunities. By adapting to the demand for improved digital experiences, banks can ensure that they stay relevant, maintain customer relationships, and protect their market share. Embedded finance requires organizations to cultivate a partner ecosystem that enables banks to integrate partner offerings faster, allowing them to be more agile and responsive. It also enables banks to deliver on ever-increasing customer expectations at significantly reduced service delivery cost, mitigating competitive risks.
Virtusa's consulting-led solution offering minimizes financial and delivery risk and establishes a business transformation strategy and execution plan which ensures program objectives are achieved right first. This solution offering enables service providers to comply with market regulations, compete in the dynamic market, innovate new product offerings and accelerate time to market by leveraging OIP core capabilities. These capabilities include partner onboarding and management, API marketplace, solution development sandbox, and business solution catalog.

AWS Partner Network | Competency


Australia, Austria, Canada, Dubai, Germany, Hong Kong, Hungary, India, Ireland, Japan, Malaysia, Netherlands, New Zealand, Poland, Qatar, Saudi Arabia, Singapore, Spain, Sri Lanka, Sweden, Switzerland, United Arab Emirates, United Kingdom, United States


Reduced time to market

Pluggable solutions, rapid partner onboarding, quick proof-of-concepts, and easy deployment.

Cloud native architecture

Easily configurable and customizable framework which can be deployed quickly.

Rapid innovation

Innovation-as-a-service, partner collaboration, open marketplaces, and open banking sandbox platform.

  • How it works
  • With the Virtusa's Open Innovation Platform (OIP) for Open Banking consulting offer, Virtusa provides a comprehensive suite of accelerators for your business transformation journey. It provides pluggable business propositions to accelerate time to market for digital solutions. It enables regulatory compliance to PSD2/CDR. It also provides the ability to seamlessly manage and nurture partner ecosystems and drive innovation and transformation by rapidly assembling new digital products and services.

    Offering Highlights:
    A. Consulting-led approach: Virtusa's domain expertise together with Business Process Management (BPM) led analysis and design methodology will ensure a solution with the customer journey at the heart of it.
    B. Advanced use of APIs: Virtusa’s teams have delivered business transformation solutions using disruptive technologies across the world.
    C. Innovative platforms: It provides various digital transformation and open banking solutions to help customers explore options such as banking as a service, innovation as a service, third party FinTech collaboration, open marketplaces, and an open banking sandbox platform.
    D. Agile delivery: It has the best-in-class practices that maximize delivery and continuous development methodologies.

    Virtusa's transformation approach allows you to engage at any phase of the journey, enabling your transformation from a utility bank to a daily bank. To initiate the consulting engagement, Virtusa’s experts will engage with you to outline your business transformation vision and mission, reevaluate your existing operating models, and build business cases for you. Next the team will lay the right foundation by performing an evaluation of the existing architecture and defining a proposed architecture (microservices or API-based) for your business transformation journey. Virtusa will help you rethink your data management needs and assist you in creating an integration hub.

    Virtusa will then deploy the OIP for you, along with an open banking-compliant database and APIs. Virtusa can also assist you to identify, evaluate, and onboard new third-party providers (TPPs) and partners. TPPs can onboard to start experimenting and co-creating innovative solutions with you. Validated experiments and solutions can then be transformed into production-grade solutions and Virtusa can assist in their path to production.

  • Key activities
  • 1) Define the business case

    Identify and define your business transformation journey.

    2) Lay the foundation

    Evaluate the existing architecture and lay the right foundation.

    3) Onboard and collaborate

    TPPs onboard onto the platform and collaborate with the financial institution.

    4) Innovate and transform

    Rapidly develop innovative solutions. 

  • Customer contribution
  • Customer's existing vision 

    To define the prospective vision and mission for the customer.

    Existing roadmap and architecture

    To assess and provide the best-fit roadmap and architecture.

    Customer single points of contact

    To collaborate when evaluating and identifying the prospective roadmap.

  • About this consultant
  • Virtusa helps you drive your business transformation at the pace and passion of a startup, with expert execution at global scale. Virtusa combines digital technology expertise and engineering heritage to help customers drive innovation, scale, and agility.

    Virtusa is an AWS Partner offering consulting services and has achieved the AWS Financial Services and AWS DevOps Competencies, among others. Virtusa provides enterprise customers with transformative and sustainable benefits such as rationalization, technical debt elimination, automation, and modernization to reduce costs and increase velocity. Virtusa offers end-to-end services—from helping you jumpstart your AWS journey to migrating and managing solutions from the AWS. It also provides a holistic assessment of enterprise-wide multidimensional drivers for cloud adoption not only to accelerate the cloud journey, but also to augment digital enablement with AWS. 

  • Architecture diagram

Ready to get started?

AWS Partner Highlights

Virtusa’s AWS validated qualifications, customer references, and office locations.

AWS Competency Details

Virtusa has demonstrated deep AWS technical expertise and proven customer success.


Learn more about why monetizing Open Banking APIs is curical for long-term success.

Case Study

Dive deep on how Virtusa's powerful Open Banking sandbox accelerates digital innovation for a leading UAE Bank.

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