Virtusa Corporation in collaboration with Thought Machine unveils the SME Customer Onboarding Platform. This revolutionary solution empowers financial institutions to expedite and digitize the SME customer onboarding journey, providing a seamless and efficient experience for small and medium-sized enterprises (SMEs). The SME Customer Onboarding platform, powered by Virtusa's expertise in digital transformation and Thought Machine's advanced core banking platform, Vault Core, offers an array of powerful features designed to accelerate the onboarding process for SME customers.

With a focus on accuracy, compliance, and convenience, this collaborative solution enables banks to make faster decisions and efficiently onboard customers into their digital banking ecosystem. Key features of the SME Customer Onboard Platform include: Digitized Onboarding: By leveraging digital technologies, banks can now onboard SME customers conveniently and efficiently, minimizing the need for physical paperwork. KYC & KYB: The platform seamlessly performs Instant KYB and KYC processes, capturing company information, shareholders, and directors' information instantly.

Enhanced Compliance: The solution enforces required compliance and due diligence checks throughout the entire application process, ensuring adherence to regulatory standards. Real-time Decisioning: Financial institutions can make faster and better-informed decisions, thereby providing a superior customer experience. The SME Customer Onboarding Platform offers financial institutions a competitive edge by simplifying and accelerating the SME onboarding journey.

By combining Virtusa's domain expertise with Thought Machine's innovative core banking technology, financial institutions can onboard small and medium-sized enterprise (SME) customers in a simple, fast, and digitally empowered manner, and adapt a straight-through processing mechanism. Virtusa and Thought Machine are excited about the positive impact this collaboration will have on the SME banking sector. As part of their joint commitment to driving innovation, both companies are actively seeking feedback from financial institutions and SMEs to further enhance and optimize the platform's capabilities.