Wipro To Help London Stock Exchange Simplify Operations
The London Stock Exchange has partnered with Indian IT services firm Wipro to launch a hosted reconciliation utility designed to eliminate the needs for firms to invest in technology, people and processes for tracking their outstanding transactions. Based on a ‘pay-as-you-go’ pricing model, the utility will marry the LSE’s existing UnaVista matching platform with Wipro’s expertise in end-to-end service delivery.
The new solution is expected to simplify 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.
“The Wipro-LSE 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.
He said that 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.”
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