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- Solution will help financial firms access a hosted environment for end-to-end reconciliation services
- Utility can significantly reduce cost of ownership for customers
London Stock Exchange Group (LSEG) and Wipro Ltd have entered into a strategic partnership to provide a hosted, end-to-end reconciliation solution for the financial services industry. The new solution will use LSEG’s UnaVista platform, a hosted, global platform for all matching and reconciliation needs, helping firms reduce their operational and regulatory risk.
The joint offering will help financial services firms access an enterprise reconciliation utility without making any capital investment. The utility solution will be hosted in London Stock Exchange’s secure and regulated data centres and delivered to customers, leveraging Wipro’s global service delivery capabilities.
Based on a simple ‘pay as you go’ pricing model, this one stop on-line offering encompasses platform and data solutions, as well as IT and business operations. It simplifies customers’ existing and future reconciliation requirements by enabling scalability, ensuring regulatory compliance and reducing Total Cost of Ownership (TCO). Customers can convert their fixed costs to variable, reduce their TCO by 30-40% and benefit from a scalable, standardised process environment.
Mark Husler, Head of Product Management, Information Services, LSEG, said:
“This innovative partnership will utilise Wipro’s expertise in consultancy and operations and UnaVista’s flexible and scalable software. UnaVista’s hosted, global platform means that operations, risk and control functions will get real time visibility on all outstanding issues across their organisation globally. The utility is flexible to customers needs and can incorporate new business and regulatory processes quickly and efficiently when they arise.”
Manoj Punja, Chief Executive, Wipro BPO, said:
“The Wipro-LSEG reconciliation utility is designed to eliminate the needs for firms to invest in technology, people and processes for their current and future reconciliation needs. The utility will set the defacto standard for banks to mutualise their reconciliation costs, reduce operating risk and improve client on-boarding time, at significantly lower costs. It offers banks the potential of moving all reconciliation activity onto a single platform with round-the-clock operations processing support, with zero infrastructure requirement.”
