Wipro, in partnership with London Stock Exchange Group (LSEG), has been selected to provide a hosted, end-to-end reconciliation utility for the financial services industry.
The service will be based on LSEG’s UnaVista platform designed for all matching and reconciliation needs, helping firms reduce their operational and regulatory risk.
The combined solution will help financial services firms access an enterprise reconciliation utility without any capital investment, Wipro said in a statement.
The service will be hosted in London Stock Exchange data centers and delivered to customers through Wipro’s global service delivery capabilities.
The hosted service will be offered as a pay as you go model, offering greater 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 percent, the company said.
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 and regulatory efforts to reduce operational risk and costs, Wipro said.