Virtusa, a digital engineering and technology services and solutions provider, and Thought Machine, a cloud-native core banking technology firm, have launched a small and medium-sized enterprise (SME) customer onboarding platform.

Through the new platform, the parties aim to support financial organisations to accelerate and digitise the SME customer onboarding journey by offering a smooth and efficient experience for SMEs.

Backed by Virtusa’s expertise in digital transformation and Thought Machine’s core banking platform Vault Core, the new platform provides a range of features. These include digitised onboarding, know your business (KYB) and know your customer (KYC), enhanced compliance, and real-time decisioning.

Virtusa banking practice senior vice president and head Amit Bhute said: “We believe that Thought Machine is one of the leading next-generation core banking providers, owing to Vault Core’s composable microservices architecture and numerous pre-configured financial products.

”We are excited to have developed a seamless digital onboarding journey on top of Vault Core, leveraging Thought Machine’s easy-to-use APIs and superb technology vendor ecosystem.”

The SME customer onboarding platform will allow banks to make faster decisions and effectively onboard customers into their digital banking ecosystem with accuracy, compliance, and convenience.

The digitised onboarding feature is said to help in reducing the need for physical paperwork.

According to Virtusa, the platform will also easily perform instant KYB and KYC processes by gathering company information, shareholders, and directors’ information instantly.

Besides, the SME customer onboarding platform enforces the necessary compliance and due diligence checks throughout the entire application process, assuring adherence to regulatory standards.

Thought Machine EMEA partnerships director Randolph McFarlane said: “For financial institutions, providing the best customer experience is more critical than ever to remain competitive. Virtusa’s digital platform has solved the issue of poor customer experience during onboarding for SMEs.

”Integrating Virtusa’s modern, open-architecture design with our real-time core and APIs enables enhanced automation during KYC, KYB, and account opening, providing significant cost and efficiency benefits for our clients.”