Broadridge has launched BRx Match, a reconciliation and matching solution product.
The cloud-based product can solve both simple and complex reconciliations, automating the process to improve efficiency, transparency and accuracy. Using the service will also reduce risk and total cost of ownership, the company says.
The product allows users to design, build and deploy their own reconciliation models, and provides access to a selection of matching engines in order to optimise outputs. The platform is data agnostic and can perform reconciliations for securities, cash, derivatives, reference data, card services, financial and insurance data.
Broadridge has developed BRx match as an all-in-one alternative to the use of multiple data sources, each with their own reconciliation model. This current approach prevents consolidated and coordinated data reconciliation for operational or compliance purposes.
Alastair McGill, general manager of data control solutions at Broadridge, says: “As global regulatory requirements become more complex and increasing transaction volumes demand greater operational efficiency and risk management, BRx Match allows financial and corporate clients to automate the reconciliation of any data sources and expedite the exception management process.
“With business-user self-build capabilities, the platform accelerates the onboarding of new reconciliations, thereby reducing total cost of ownership and creating a more responsive operation.”
Dayle Scher, research principal at Celent, comments: “Volumes of transactions are growing across every asset class and causing an explosion in both structured and unstructured data that require fast processing and the ability to reconcile discrepancies in datasets quickly.
“Firms across the capital markets, asset and wealth managers and corporates are examining ways to streamline and consolidate their fragmented reconciliation processes and technology under a single platform, thereby reducing total cost of ownership. While the reconciliation function is the last line of operations risk mitigation, not having a holistic view of transactions or data exceptions actually increases risks to the enterprise.”
