Wipro Ltd. (NYSE:WIT), a leading global Information Technology, Consulting and Business Process Services company and London Stock Exchange Group (LSEG) have entered into a strategic partnership 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 London Stock Exchange’s secure and regulated data centres and delivered to customers by leveraging Wipro’s global service delivery capabilities.
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, standardised process environment.
CEB TowerGroup Research Director Gert Raeves commented: "Reconciliations are a formidable success story of capital markets automation. There is not a single back-office activity with a higher degree of market adoption of automated platforms. The successful adoption of reconciliations creates its own challenges: maturity in some cases means commoditization, and innovation has been thin on the ground. As core matching capabilities become increasingly commoditized, leading products will distinguish themselves by simplifying implementation and production processes. Moving to a hosted delivery model is high on the wish list for many institutions who want to maximize the ROI potential of their reconciliation solution.”
“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 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,” said Manoj Punja, Chief Executive, Wipro BPO.
The solution simplifies the reconciliation landscape for financial firms that are grappling with a massive TCO for reconciliation due to the factors such as complex reconciliation architecture, increased regulatory reporting, which strain existing operations (volumes, complexity, scale), and regulatory efforts to reduce operational risk and costs.
Mark Husler, Head of Product Management, Information Services, LSEG, added, “This innovative partnership will utilise Wipro’s expertise in consultancy, system integration and operations and UnaVista’s flexible and scalable software. UnaVista’s hosted platform means that operations, risk and control will get real time visibility on all outstanding issues across their organisation globally, creating a truly transparent business. The utility is flexible to customers needs and can incorporate new business and regulatory processes quickly and efficiently when they arise.”
Balasubramanian Ganesh, Chief Executive – Products and Solutions Business, Wipro Ltd said, “Today’s announcement marks a new and exciting period for Wipro and LSEG. We are committed to providing the financial services industry with robust, secure and compliant utility solutions that our clients can trust to reduce risk, complexity and cost while improving productivity, flexibility and quality of their business operations. This solution provides clients with the benefit of simplifying and standardising their reconciliation activities and our low-risk adoption framework will ensure clients can start to recognise benefits early in the transition.”