Wealthtime has partnered with tech firm Wipro and software provider GBST on its platform technology upgrade.
The partnership will see the Wealthtime and Wealthtime Classic platforms brought together under one brand on a significantly enhanced platform.
Wipro and GBST will employ a joint co-delivery model to provide end-to-end platform services.
Wealthtime’s Operations and Technology & Change functions will transfer to Wipro’s newly established UK centre of excellence for business processing, based in the Southwest area.
Wealthtime, formerly called Novia, said the transfer will allow it to leverage Wipro’s advanced technology and substantial IT and AI experience to continually improve service standards and front-end applications.
Platform users will benefit from significant enhancements to the Adviser and Investor Zones, alongside a streamlined service provision. Through extensive automation, the platform will aim to reduce manual effort, enabling advisers to focus on higher-value work and generate more in-depth insights for their customers.
The deal also extends Wealthtime’s 15-year technology partnership with GBST, with the platform undertaking an accelerated enhancement in 2025. Further continuous updates will be implemented to the platform to future-proof Wealthtime’s technology for their customers.
Patrick Mill, CEO at Wealthtime, said: “This deal with Wipro will fundamentally transform our platform and service offering and deliver extensive benefits for advisers and their clients over the medium and long term.
“Our existing relationship with GBST will allow us to fast track our proposition development through accelerated platform enhancements, to deliver market-leading technology that underpins our future strategy.
“While Wipro’s proven operational expertise across multiple sectors, including financial services, will bring new insights to the largely insular platform space to create a best-in-class experience for our customers.”
Omkar Nisal, UKI managing director, Wipro Limited, said: “This project solidifies our continued investments in the UK Life and Pensions industry through our FCA-regulated business entity.
“Backed by our unmatched industry and transformation experience, we will enable Wealthtime’s improved speed-to-market, enhanced customer engagement and cognitive operations through our innovative and GenAI-powered technology services, along with GBST’s agile and digital Composer platform.”
Rob DeDominicis, chief executive officer, GBST, added: “This agreement marks an exciting evolution in our long-standing relationship with Wealthtime and provides further proof that our strategic partnership with Wipro offers a compelling alternative for wealth-management organisations reviewing their end-to-end administration needs.”
