LSEG and Wipro partner to launch a hosted enterprise reconciliation utility
- 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.”
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For further information:
Ed Clark +44 (0)20 7797 1222
Notes to editors:
About London Stock Exchange Group:
London Stock Exchange Group (LSE.L) is a diversified international exchange Group that sits at the heart of the world's financial community. The Group can trace its history back to 1801.
The Group operates a broad range of international equity, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS, Europe's leading fixed income market; and the pan-European equities platform, Turquoise. Through its markets, the Group offers international business, and investors, unrivalled access to Europe's capital markets.
Post trade and risk management services are a significant and growing part of the Group’s business operations. LSEG operates CC&G, the Rome headquartered CCP and Monte Titoli, the significant European settlement business, selected as a first wave T2S participant. The Group is also a majority owner of leading multi-asset global CCP, LCH.Clearnet.
The Group offers its customers an extensive range of real-time and reference data products, including Sedol, UnaVista, Proquote and RNS. FTSE calculates thousands of unique indices that measure and benchmark markets and asset classes in more than 80 countries around the world.
London Stock Exchange Group is also a leading developer of high performance trading platforms and capital markets software. In addition to the Group’s own markets, over 40 other organisations and exchanges around the world use the Group’s MillenniumIT trading, surveillance and post trade technology.
Headquartered in London, United Kingdom with significant operations in Italy, France, North America and Sri Lanka, the Group employs approximately 2,800 people.
Further information on London Stock Exchange Group can be found at: www.lseg.com