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Wipro to acquire Viteos Group 23 December 2015 | 2507 views | 0Source: Wipro Wipro Ltd. (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company today announced that it has signed a definitive agreement to acquire Viteos Group, a BPaaS provider for the Alternative Investment Management Industry for a purchase consideration of USD 130 million. Wipro currently is one of the leading providers of Business Process Services (BPS) to some of the global investment banks. The company specializes in Platform-led Transformation and Utility-based Offerings in Reconciliation, KYC, Settlements, Middle Office, Asset Servicing, Syndicated Loans and Reference Data Solutions, with coverage across asset classes. These credentials of Wipro are primarily on the Sell-Side and this acquisition will add similar capabilities on the Buy-Side. Viteos was founded in 2003 and is headquartered in Somerset, New Jersey. The Viteos Group provides customized straight-through-processing and integrates post-trade operations across every asset class, currency, border or structure for the alternative investment management industry in the United States, Europe and Asia. It is a leader in shadow-accounting services and offers a full range of middle and back-office outsourcing through its 400+ employees. Viteos licenses its proprietary platform which offers transformation and integration of post-trade operations. This platform can be leveraged to launch solutions across other segments of Capital markets. These technology-based solutions will bring in non-linear and higher revenue realization. Viteos will retain its identity to leverage its brand in the Buy-Side and expand its offerings into the larger asset management industry with the backing of Wipro’s size and presence. The management team at Viteos will continue with the business and drive the platform based outsourcing business services. "The IT services industry is moving to an 'as-a-Service' model, and the future of BPS is going to be BPaaS (Business Process as-a-Service). Our strategy is to invest in industry vertical platforms which will provide platform-based services to our clients in transaction/outcome-based pricing models. Viteos will further our strategy in the Capital markets domain,” said Shaji Farooq, President & Chief Executive, Finance Solutions, Wipro Limited. “We welcome Viteos employees to the Wipro Family. We are excited to join hands with Viteos and expand our Capital markets portfolio in fund accounting services and enhance our Business Process Services capabilities,” said Nagendra Bandaru, Senior Vice President and Head - Business Process Services, Wipro Limited. He added, “Viteos brings with it experienced leadership, domain expertise and unique BPaaS capability. We believe we will be able to leverage synergies to offer platform-based transformational services to our customers and continue to dominate the Capital markets outsourcing space.” “Our search for a global partner who gives Viteos exceptional market reach in expanding our presence while preserving the entrepreneurial characteristics of Viteos culminated with this acquisition by Wipro. We are excited to be part of a trusted global leader and the transaction is a further recognition of our value and validation of our commitment to deliver excellence through our investments in people, process and technology. It gives me immense pleasure in continuing to be part of a growth story that can reach even greater heights,” said Shankar Iyer, CEO & founder of Viteos Group. The acquisition is subject to customary closing conditions and regulatory approvals and will be completed in the quarter ending March 31, 2016. Wipro taps AI for enterprise KYC tool 15 June 2015 | 1781 views | 0Source: Wipro Wipro Ltd. (WIT), a leading global information technology, consulting and business process services company, today announced the first rollout of ‘enterprise-Know Your Customer (e-KYC),’ an automation solution for global financial institutions, built on the company’s Artificial Intelligence platform ‘Wipro HOLMES.’ The solution, being offered as Business-Process-as-a-Service (BPaaS), will address the requirements of banks, insurance companies, brokerage firms and non-banking financial institutions, in a ‘services and outcome based’ business model. Know Your Customer (KYC) is a business process to verify the identity of customers. Evolving regulatory reforms require financial institutions to significantly strengthen their KYC and customer on-boarding processes and practices. As a result, the processes around the collation, validation, safeguarding and monitoring of potential customers’ identification and financial information have become crucial. Wipro HOLMES, an outcome of four years of research and development, and built on open source technologies, addresses key domains in cognitive computing. Software bots built on the Wipro HOLMES platform can be used to automate industry specific business processes. Wipro HOLMES leverages semantics, machine learning, pattern recognition and knowledge modeling technologies to enable solutions that add valuable context, intelligence and automation to enterprises. Wipro’s e-KYC solution uses a library of Wipro HOLMES bots to automate the manual processes of KYC, such as information aggregation, extraction and verification. The solution will help clients achieve cost savings up to 35%. It will also enable greater accuracy, improved customer experience and assurance of better quality KYC, in line with regulatory requirements. This solution has been designed around key aspects such as natural interaction, multi-structured information processing, machine learning and reasoning. Nagendra P Bandaru, Senior Vice President and Global Head, Business Process Services, Wipro Ltd., said, “Post the last global financial downturn, regulators have raised the bar on KYC obligations, because a sound KYC process is integral to a robust financial services ecosystem. We are confident that our enterpriseKYC solution will help our customers in the financial services industry fulfill their regulatory obligations in a significantly more effective and efficient manner.” AIB hands IT outsourcing contract to Wipro 30 January 2015 | 4976 views | 0 Wipro has won a five-year IT outsourcing deal with AIB which will see 130 staff moved to the Indian tech services firm. News of a potential deal emerged earlier this month when the Irish state-owned bank call a meeting with 250 IT staff to inform them of its plans. The contract, which is understood to be worth approximately £150 million, will see Wipro take over hosting and storage services for the bank from a new ServiceNXT operations centre in Dublin. The outsourcing project, known internally as 'Project Orion', is part of the AIB's plans to transform into a 'digital bank' says CIO Mike Brakes. "With Wipro supporting our technology and application infrastructure, we look forward to strengthening efficiencies and being better able to serve and support our customers across the bank," he says. "We were very pleased with the commitment Wipro demonstrated to the bank as well as to creating opportunities for our people in Ireland." London Stock Exchange partners Wipro to launch reconciliation utility 09 July 2014 | 5881 views | 0 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." Wipro partners OpenLink for energy/commodity IT services 30 July 2014 | 1598 views | 0Source: Wipro Wipro Ltd. (WIT), a leading global information technology, consulting and business process services company, today announced a global strategic consulting partnership with OpenLink, the global leader in Transaction Lifecycle Management (TLM) software for the commodity, energy and financial services industries. The services provided by this alliance will serve customers across the energy and commodity sectors. This year, OpenLink has invested in building an alliance program that will support its accelerated growth plans and both companies will collaborate in the area of technological innovation as well as complement each other in terms of domain expertise. Wipro's global delivery footprint will give OpenLink service spread across the world for its customers. Wipro and OpenLink will work towards creating service excellence for customers, especially in the area of testing services, product upgrades and support services. A key focus of Wipro's centralized CTO office is technology innovation and that will be leveraged for customers in areas like analytics, dashboard, visualization, cloud, mobility, etc. Both companies will identify co-development opportunities based on market needs, that will benefit a larger customer base. Anand Padmanabhan, Chief Executive, Energy, Natural Resources & Utilities Business Unit, Wipro Limited, said, "Wipro has a dedicated global Energy/Commodity Trading and Risk Management centre of excellence that will give the right impetus to this alliance for creating a scalable service delivery framework for customers." "By pairing OpenLink's award-winning energy/commodity trading and risk management platform with Wipro's tried, tested and successful global delivery model, our customers can derive more value through a lower TCO (Total Cost of Ownership)," said Dr. Mark Greene, CEO, OpenLink. "We are excited about this partnership and are looking forward to working with Wipro." First Data and Wipro form partnership 13 June 2014 | 3271 views | 0Source: First Data First Data Corporation, the global leader in payment technology and services solutions and Wipro Ltd (WIT), a leading information technology, consulting and outsourcing company, today announced a strategic relationship in which Wipro will provide development, implementation and testing services on First Data's VisionPLUS and AccessPLUS suite of software solutions. This agreement is part of First Data's new developer license initiative, providing improved support to clients around the globe. VisionPLUS is a payment processing solution for financial institutions that enables the issuance and processing of credit, debit, commercial and prepaid cards, as well as consumer loans, loyalty and merchant accounts on a single platform. AccessPLUS, offered with VisionPLUS, is a suite of business process management solutions that drives operational staff efficiency in servicing customers and supports portfolio parameter management. Wipro joins the international ecosystem that enables First Data to bring application support services and innovation to clients using the VisionPLUS and AccessPLUS licensed software solutions. First Data's developer license program further contributes to keeping the two suites of products flexible and up-to-date with new market trends and technology. "We are pleased to have Wipro join our developer license network," said Paolo Temporiti, general manager, VisionPLUS. "Our clients will benefit from the increased scale, extended capability and richness of Wipro's global model and superior position in serving global financial institutions." Under the agreement, Wipro will be a systems implementation provider, offering installation, implementation, BAU support, development and testing services to the VisionPLUS and AccessPLUS solutions. Wipro Technologies launches SmartOffers 11 December 2012 | 1249 views | 0Source: Wipro Technologies Wipro Technologies, the Global Information Technology, Consulting and Outsourcing business of Wipro Limited (NYSE: WIT), today announced the launch of Wipro SmartOffers - a location based solution for banks, in partnership with Intuition Intelligence. Wipro SmartOffers, primarily targeted at retail banks, will help increase coupon redemption rates significantly by delivering the right offers to the bank's customers over the mobile or the internet. The solution leverages Wipro's mobile based applications IP, data models and partner's algorithms to deliver highly targeted offers. Wipro is working with Intuition Intelligence who has a patented machine learning algorithm that applies rapid real time learning to target coupons. Vijay Sharma, Global Domain Head - Banking and Financial Services, Wipro Technologies, said, "We expect Wipro SmartOffers to enable banks to pre-empt commoditization by building brand loyalty and creating additional revenue streams. We are already testing the concept with several banks across the globe, which gives us a first mover advantage and are very encouraged by the prospects." Dr. Arif Ansari, Founder of Intuition Intelligence, Inc, said, "Our unique Intuition Intelligence Super Relevancy Engine proactively brings real time, contextually relevant offers to digital banking customers by server and client side learning. Unlike the aggregator centric models currently in practice in the market, this solution champions the Bank Centric Offer Model." Meheriar Hasan, Managing Principal, MMH Consulting said, "The rapid migration from online to mobile banking, brings challenges as well as new opportunity in terms of understanding real-time intent of users at a given location. This can be leveraged to provide highly targeted offers to meet the customers' needs in terms of specific products and services." Wipro's SmartOffers is optimally built to leverage the unique features of both online and mobile channels. It is a multi-channel application that is integrated with the bank's retail mobile and online offerings, and supports IOS and Android based smartphones. This solution will link the bank's internal and external ecosystem; leading to new revenue streams ccentering on offer optimization and redemption.