Wipro engaged with the bank to provide an integrated solution that covered all aspects of the reconciliation lifecycle including analysis, development, quality assurance and release. Wipro worked closely with the customer’s Recon Group to plan and deliver the solution, and followed it up with on-going support.
The partnership helped enhance the compliance levels vis-a-vis internal control measures by delivering reconciliations in the critical areas of cash, securities and other internal systems.
As more reconciliations came within the purview of the centralized recon group, Wipro’s enhanced support helped the businesses achieve higher levels of automation.
Wipro enabled the automation of various critical and high profile reconciliations for the bank, resulting in cost savings through increased efficiencies. Other benefits include:
- Increased efficiency and scalability of reconciliation process
- Improved flexibility and reduced costs by adopting the global delivery model
- Simplified accounts reconciliation process and enhanced control to business users through automation of manual reconciliations
- Reduced the duration of the recon delivery schedule by utilizing the ‘Follow-the-Sun’ model
- Five-fold increase in the number of releases using the new global delivery and release model
- Achieved a 25% reduction in Total Cost of Ownership improved the level of control efficiency in the reconciliation process
- Introducing and streamlining a global delivery model for development of new reconciliations
- Creating and maintaining quality documents with traceability for all phases from requirements to delivery
- Review processes in each phase to maintain high standards of quality in documents and delivery
- Initiating regular artifacts review/verification, control charts and software quality audits for better delivery controls in the program
During the four-year engagement, the client’s business groups significantly increased the auto match rates to 98% by reducing the level of manual interventions. With the engagement transforming into a utility-focused model based on a pricing catalogue that leveraged a recon complexity matrix, the total cost of ownership (TCO) came down by at least 25%. This resulted in a marked increase in control efficiency of the business