Virtusa Open Banking Head - Australia with implementations at NGMG, IMB and MyState
- Santosh Kr
- Nov 7, 2025
- 2 min read
Open Banking in Australia is an initiative of the Australian Consumer & Competitive Commission (ACCC) to give consumers the option of sharing their personal information and financial data with accredited third parties, through the use of application programming interfaces (APIs).
The Open Banking initiative is governed by the Consumer Data Standards (CDS) and allows for innovation and competition by leveraging open data standards in the financial industry to begin with.
Business Problem Statement:
Virtusa has helped clients become Data Holder compliant in close co-operation with its Open Banking Partner (WSO2) to enable clients to share their product data, customer data. The solution covers Joint Accounts, Business Accounts, Secondary Users and Nominated Representatives and is in line with evolving regulatory requirements.
Open Banking also goes hand in hand with Virtusa's cloud-native platform (Open Innovation Platform) which is a proven, secure marketplace that enables collaboration with third-party FinTechs, BigTechs, and TechFins, and allows banks to ideate, test, design, and build solutions that complement their product offerings. It's powered by a bootstrapping framework that leverages over 10 million customer data sets, a digital product workbench, and a pre-built library of domain APIs.
Delivery Methodology
I have led the Open Banking Initiative and Delivery for Virtusa in collaboration with Wso2. The solution was implemented at NGMG, IMB Bank and MyState covering products and licenses from WSO2, Cloud deployment in AWS/Azure, Managed Services and Ongoing Compliance Obligations.
Tools & Platforms
Joint Open Banking Solution by Virtusa and WSO2
Deployed on AWS/Azure
Integrated through API's with Core Banking/Enterprise Service Bus
Creation of Data Store for MyState with Azure data streaming
Publications