LONDON, and BANGALORE, India, July 9, 2014 /PRNewswire/ --
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."
About Wipro Ltd.
Wipro Ltd. (NYSE:WIT) is a leading Information Technology, Consulting and Business Process Services company that delivers solutions to enable its clients do business better. Wipro delivers winning business outcomes through its deep industry experience and a 360 degree view of "Business through Technology" - helping clients create successful and adaptive businesses. A company recognized globally for its comprehensive portfolio of services, a practitioner's approach to delivering innovation, and an organization wide commitment to sustainability, Wipro has a workforce of over 140,000, serving clients in 175+ cities across 6 continents. For more information, please visit http://www.wipro.com
Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at http://www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
Media Contacts:
Vipin Nair
Wipro Limited
+91-80-39916260
vipin.nair1@wipro.com
Subhashini Pattabhiraman
Wipro Limited
+91-7760983975
subhashini.pattabhiraman@wipro.com
SOURCE Wipro Ltd
