Wipro has partnered with London Stock Exchange Group (LSEG) to provide a hosted, 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. Reducing these risks are prerequisites for financial reporting.

The solution is the first of its kind in the financial services industry and will help these firms access an enterprise reconciliation utility without any capital investment through the pay-per-use model, according to Wipro officials.

The utility solution will be hosted at the London Stock Exchange’s secure and regulated data centres and delivered to customers by leveraging Wipro’s global service delivery capabilities, a statement from Wipro said.

Manoj Punja, Chief Executive, Wipro BPO, said that the utility will set the de facto standard for banks to mutualise their reconciliation costs, reduce operating risk and improve client on-boarding time at significantly lower costs, adding that it offers banks the potential of moving all reconciliation activity onto a single platform with round-the-clock operations processing support and zero infrastructure requirement.

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