CEB TowerGroup Vendor Assessment Designates Broadridge a Leading Vendor Based on Key Performance in Technology Categories of Workflow Integration, Risk Management and Enterprise Support
LAKE SUCCESS, N.Y., Apr. 3, 2013 – Broadridge Financial Solutions, Inc. (NYSE:BR), a leading provider of technology solutions and services for the global financial services industry, today announced that it has been recognized as having “Best-in-Class” technology for Workflow Integration, Risk Management and Enterprise Support in the CEB TowerGroup 2013 Reconciliation Applications Technology Analysis.
“Since acquiring its PROactiveTM solution for operational control, Broadridge has continued investment in R&D and has focused on two of the most differentiating areas in our diagnostic anatomy: usability and lifecycle (UI) management,” said Gert Raeves, Research Director, Capital Markets Practice, CEB TowerGroup. “With strong UI flexibility and integration with line of business and accounting applications, the solution goes beyond simple alerting and internal exception management. The solution’s historical strengths on the treasury and cash sides now also extend to securities capabilities.”
Moreover, the analysis by CEB TowerGroup said that Broadridge’s expertise in BPO should accelerate PROactive’s move to managed services, while the solution’s integration capabilities can be leveraged to deal with data enrichment and transformation tasks outside core reconciliation workflows. Broadridge was recognized as a leading vendor and designated a key performer based on its composite scores in the following technology categories:
“In light of ongoing regulatory pressures, financial services firms are recognizing the value of developing an enterprise reconciliation strategy to increase transparency of business activity and are turning to Broadridge to transform their technology and operations to enable growth and improve margins,” says Robert Harris, Securities Processing Solutions, International, Broadridge. “We are excited for Broadridge to be included among CEB TowerGroup’s ‘Best-in-Class’ reconciliation technology solutions providers, and believe this assessment illustrates recognition of the value we are adding for clients.”
One of the significant findings revealed in the assessment is the fact that expansion and acceleration of reconciliations are putting new strains on reconciliation applications. The CEB TowerGroup report finds that nearly 90% of executives believe regulation now necessitates automated internal, system-to-system reconciliation as well as traditional external reconciliation. In addition, almost 70% of executives expect their firms’ reconciliation needs to expand due to regulatory clearing measures requiring that derivatives be centrally cleared. The report cites investment in reconciliation applications is expected to reach nearly $290 million by 2016.
Reconciliation applications, as defined within the context of this technology analysis, are those solutions used by capital markets executives to automate the comparison of messages and data received from internal and external systems in order to identify processing and financial errors and exceptions. CEB TowerGroup identified vendors for this analysis based on expert opinion, product maturity, size of installations and technological innovation. By combining its qualitative and quantitative data from interviews with industry experts, financial institutions and vendors, along with its survey of investment managers, CEB TowerGroup identified 18 attributes that define best-in-class reconciliation technology.
The PROactive product suite was initially developed by City Networks, which Broadridge acquired in June 2010, to expand its solution coverage. The PROactive team is composed of industry specialists in reconciliations and operational risk management solutions. The solution currently has over 400 clients worldwide which are distributed across investment banks, institutional and retail broker-dealers, asset managers, money brokers and corporate entities.
Broadridge Financial Solutions, Inc. (NYSE:BR) is the leading provider of investor communications and technology-driven solutions for broker-dealers, banks, mutual funds and other corporations. Broadridge’s investor and customer communications, securities processing and managed services solutions help clients reduce their capital investments in operations infrastructure, allowing them to increase their focus on core business activities. With over 50 years of experience, Broadridge's infrastructure underpins proxy voting services for over 90% of public companies and mutual funds in North America and processes on average $5 trillion in equity and fixed income trades per day. Broadridge employs approximately 10,000 associates in 14 countries.
For more information about Broadridge, please visit www.broadridge.com.