This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Wipro And London Stock Exchange Group Partner To Launch A First Hosted Enterprise Multi-tenant Reconciliation Utility

Stocks in this article: WIT

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.

     (Logo: http://photos.prnewswire.com/prnh/20121129/579804 )

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.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs