Wipro has entered into a strategic partnership with London Stock Exchange Group (LSEG) to provide a hosted, end-to-end reconciliation solution using LSEG’s UnaVista platform for the financial services industry. UnaVista is LSEG's global hosted platform for all matching, and reconciliation needs, helping firms reduce their operational and regulatory risk.
The solution is the first of its kind in the industry that will help financial services firms access an enterprise reconciliation utility without any capital investment. The utility solution will be hosted in the London Stock Exchange's secure and regulated data centers and delivered to customers by leveraging Wipro’s global service delivery capabilities.
"The Wipro-LSEG reconciliation utility is designed to eliminate the need for firms to invest in technology, people and processes for their current and future reconciliation needs. The utility will set the de facto standard for banks to mutualize 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 requirements," said Manoj Punja, Chief Executive, Wipro BPO.
Based on the simple "pay-as-you-go" pricing model, this one-stop offering encompasses platform and data as well as IT and business operations. It simplifies customers’ existing and future reconciliation requirements by enabling scalability and 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, standardized process environment.
