Traditional reconciliation solutions have failed to deliver on the enterprise vision of one tool providing a consolidated and coordinated approach to reconciling data across the business, either for operational or compliance purposes, according to Alastair McGill, General Manager of Data Control Solutions, Broadridge.
Currently, reconciliation operations and business users are faced with a myriad of data sources, each with their own respective reconciliation models, he said.
To tackle this issue, on September 14, Broadridge launched BRx Match, a holistic cloud-based reconciliation and matching solution, which aims to simplify data acquisition and transformation challenges while providing core sets of matching rules for a wide variety of common reconciliations.
Having acquired the data, a choice of matching engines can be utilized to obtain the optimum output, according to Broadridge.
Business users can design, build, test, modify, and deploy their own reconciliations with self-build capability.
BRx Match is data agnostic, allowing it to perform the widest variety of reconciliation for securities, cash, derivatives, reference data, card services, financial, and insurance data.
The platform automates the entire reconciliation process from the earliest point, resulting in improved efficiency, transparency and accuracy, while reducing risk and total cost of ownership, according to Broadridge.
The platform provides control and consistent user experience across the enterprise with full exception management, workflow, consolidated audit trail, and holistic reporting capabilities.
“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,” said McGill.
“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,” he said.
According to Dayle Scher, Research Principal at Celent, 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 across asset classes, business lines, and geographical regions – for both simple and complex reconciliations – under a single platform, thereby reducing total cost of ownership,” he said.
“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,” he added.
BRx Match is non-disruptive for Broadridge’s existing clients, McGill said.
All clients will receive the BRx Match UI and product enhancements as part of their roadmap and will have the option to introduce the new self-service capability.
