A leading global bank had set out to redesign their payments infrastructure across 40 countries. As expected, execution was hampered by an array of disparate systems and a legacy architecture that was unable to scale to meet the fast-changing customer and regulatory demands they were facing. Due to high costs of ownership, investment capacity for new development was limited.
In close partnership with this bank, Mphasis designed and implemented a next generation, cloud-native payment processing platform that uses artificial intelligence in new and unique ways. Through the Front2BackTM transformation framework, Mphasis helped the bank to iteratively migrate onto the new environment while simultaneously shrinking and decommissioning the legacy systems.
The new payments platform has generated more than 60% reduction in total cost of ownership and significantly accelerated the new product development and innovation lifecycle.