Wipro,London Stock Exchange partner for reconciliation solution

Country's third largest software services firm Wipro has partnered London Stock Exchange Group (LSEG) to provide a hosted, end-to-end reconciliation solution for the financial services industry.

The 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, a statement 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," Wipro BPO Chief Executive Manoj Punja said.

The utility offers banks the potential of moving all reconciliation activity onto a single platform with round-the- clock operations processing support, with zero infrastructure requirement, he added.

The solutions will offer financial firms end-to-end reconciliation services, while significantly reducing cost of ownership for customers as well as operational and regulatory risk.

Besides, the joint offering will help financial services firms access an enterprise reconciliation utility without making any capital investment.

"The utility is flexible to customers needs and can incorporate new business and regulatory processes quickly and efficiently when they arise," LSEG Head Product Management, Information Services, Mark Husler said.