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September 13, 2021

FHN taps Wipro for digital transformation of VirtualBank

Tennessee-based First Horizon Bank (FHN) has partnered with Indian IT company Wipro for digital transformation of VirtualBank.

VirtualBank is a digital lender which came under FHN control following its merger with Iberiabank.

As agreed, Wipro worked with six other companies to support VirtualBank’s cloud migration. The IT firm also assisted the digital lender’s fintech stack on a public cloud ecosystem.

The scope of works also included end-to-end programme management, governance, customer data conversion, migration and validation, systems integration and testing services.

Separately, Wipro will also assist FHN with the evaluation of the fintech cloud products; core configuration and accounting fund flows; and managed customer data migration among others.

First Horizon COO Anthony Restel said: “We are proud to work with Wipro to support VirtualBank’s adoption of cloud technology and new capabilities.

“Through a collaborative process, we addressed the unique challenges of converting to a cloud-based ecosystem and setting up new capabilities to build upon in the future.”

Wipro Americas Banking and Financial Services vice-president and sector head Mahesh Raja said: “Offering full cloud support to a digital bank with thousands of customers was a challenging exercise. Wipro was able to help guide the process by combining the best aspects of modern and legacy financial systems.

“A repeatable playbook was created for the go-live launch sequence that can bring a competitive advantage to the market. Wipro is proud to be First Horizon’s strategic business partner in this journey which has better equipped both companies for the future.”

First Horizon Bank operates across 12 states in the southern US. As of 30 June 2021, its parent firm First Horizon Corp had around $87.9bn in assets.

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