Tennessee-based First Horizon Bank (FHB) has partnered Wipro to support a cloud core banking migration at its subsidiary VirtualBank.
FHB acquired VirtualBank as part of its completed 2020 merger with Louisiana-based Iberiabank. It followed this up by selecting Finxact’s core banking system for its new subsidiary in February.
The bank uses VirtualBank as its testing ground for future technology. Wipro says it worked with six other companies to streamline VirtualBank’s cloud migration and support its fintech stack on a public cloud ecosystem.
The Bangalore-based tech company also supported VirtualBank’s end-to-end program management, governance, customer data conversion, migration, and validation.
“Offering full cloud support to a digital bank with thousands of customers was a challenging exercise,” says Mahesh Raja, vice president and US banking head for Wipro.
Anthony Restel, COO at FHB, adds: “Through a collaborative process, we addressed the unique challenges of converting to a cloud-based ecosystem.”
First Horizon Bank claims $87 billion in assets and $60 billion in deposits, as well as more than one million customers in 11 US states.