The London Stock Exchange has partnered with Indian IT services firm Wipro to launch a hosted reconciliation utility designed to eliminate the needs for firms to invest in technology, people and processes for tracking their outstanding transactions.
Based on a 'pay-as-you-go' pricing model, the utility will marry the LSE's existing UnaVista matching platform with Wipro's expertise in end-to-end service delivery.
Mark Husler, head of product management, information services at the LSE, says customers signing up for the utility can convert their fixed costs to variable, reduce their TCO by 30-40% and benefit from a scalable, standardised process environment.
"This innovative partnership will utilise Wipro's expertise in consultancy and operations and UnaVista's flexible and scalable software," he says. "UnaVista's hosted, global platform means that operations, risk and control functions will get real time visibility on all outstanding issues across their organisation globally. The utility is flexible to customers needs and can incorporate new business and regulatory processes quickly and efficiently when they arise."