Bangalore, July 9 (IANS): Global software major Wipro will partner with London Stock Exchange (LSE) to provide a hosted reconciliation solution on its platform for the financial services sector, the IT bellwether said Wednesday.
"The solution, a first of its kind in the industry, will help financial services firms access an enterprise reconciliation utility without capital investment," the company said in a statement here.
The utility solution will be hosted in the LSE's secure and regulated data centres and delivered to its customers by leveraging Wipro's global service delivery capabilities. Based on the simple 'pay as you go' pricing model, the one- stop solution comprises the platform, data, IT and business operations.
As the solution simplifies reconciliation requirements, enterprises can convert fixed costs to variable, reduce total cost of ownership by 30-40 percent and benefit from a scalable, standardised process environment.
"The reconciliation utility is designed to eliminate the need for enterprises to invest in technology, people and processes for their reconciliation needs," Wipro's back office chief executive Manjoj Punja said in the statement.
The utility will also set a de facto standard for banks to mutualise their reconciliation costs, reduce operating risk and improve client on-boarding time at lower costs.
"The solution offers banks potential to move reconciliation activities onto a single platform with round-the-clock operations processing support," Punja observed.
The solution simplifies reconciliation issues for financial firms grappling with high ownership cost due to increased regulatory reporting.
"We will utilise Wipro's expertise in consultancy, system integration and operations with our UnaVista scalable software to get real-time visibility on all issues.
"The utility is flexible to meet our customers' needs as it can incorporate new business and regulatory processes," LSE group head Mark Husler said on the occasion.