Wipro Ltd. (NYSE:WIT), a leading global information technology, consulting and business process services company and Chesapeake System Solutions Inc. (Chesapeake), a premier provider of financial software solutions announced a global alliance partnership. Wipro will offer Chesapeake’s suite of financial software solutions that encompass Reconciliation Management and Balance Sheet Integrity (T-Recs® Enterprise), Treasury & Cash Management and Bank Payment Management (SmartTreasury® and SmartAnalysis®) as both a cloud-based ASP service and as an in-house licenced software platform.
Enhancing Balance Sheet Integrity with Automation
For organisations that are looking to deliver effective Balance Sheet Integrity, the introduction of reconciliation automation to the finance and accounting organisations can provide a much smarter, faster and effective way of delivering the accounting services from the SSC organisation or Retained Organisation. An automated solution suite will also help the CFO to achieve sustained benefits through effective deployment of payment solutions, bank fee optimisation and effective automation of the balance sheet risk control requirements.
Reducing Manual Effort in Reconciliations
These solutions will enable the finance controller organisation to reduce the manual efforts involved in Balance Sheet Reconciliations substantially, thereby bringing efficiency and reduction in cost to the finance function. Workflow usage, automatic matching, automatic certification, risk-based reporting and audit trail functions will also improve compliance to internal controls and policies, including SOX compliance.
Customer Demand for Integrated Finance Solutions
“We see a huge demand for finance organisations that want a ‘one-stop shop’ for our suite of products, which deliver tangible cost and cash benefits in transactional finance, treasury and working capital,” said Peter C. Vogelberger, Chesapeake President and CEO. “Wipro’s deep advisory and BPO expertise in finance and IT change will enable us to work together and deliver successful outcomes for our customers and prospective customers on a global scale. We look forward to maintaining a long and mutually beneficial relationship with Wipro.”
Automating Finance and Accounting Processes
“Many of our clients across industry sectors within the CFO’s organization are looking for a higher level of maturity to automate and simplify their Finance & Accounting business processes and more effectively support core business activities while minimizing associated costs and risk within their management reconciliations processes. Chesapeake’s T-Recs Enterprise software will help our clients to meet their objectives for Balance Sheet Integrity in a most comprehensive and efficient way,” said Tomas Romero, Global Finance & Accounting Transformation Practice Leader, Wipro Consulting Services.
Leveraging Global Delivery and T-Recs Capabilities
“We believe that our global delivery model and expertise, along with the T-Recs solution’s capabilities, will enable us to address the growing need for process simplification in the areas of Balance Sheet Reconciliations and Treasury,” said Manoj Jaiswal, Vice President & Business Head, Corporate Business Services, Wipro Ltd.
