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LAKE SUCCESS, N.Y., September 25, 2014 – Broadridge Financial Solutions, Inc. (NYSE:BR) today announced a new release of its PROactiveTM solution suite for reconciliation and process management, enhancing overall operational efficiency for financial firms globally. This latest release is part of Broadridge’s sustained commitment to drive the highest levels of automation while reducing cost and risk throughout the processing lifecycle of financial transactions.
The release includes a new confirmations portal for sell-side firms seeking to improve service levels with their institutional clients. Through seamless, real-time processing, the portal eliminates paper-based communications for the affirmation of FX and NDF (non-deliverable forward) trade confirmations. Sell-side confirmations received via SWIFT are published via the internet, allowing buy-side organizations to easily view, affirm, or query them. Interfacing to the solution is quick and simple, with sell-side firms using their existing SWIFT network, and buy-side clients accessing a single website – avoiding the need to build a costly infrastructure to utilize the service.
Through PROactive’s reconciliation enhancements, business users can now reduce risk by focusing more directly on the most critical issues, resulting in a faster, more targeted resolution of true processing exceptions. By using an extended range of alerts, graphical dashboards and reports, users gain a clearer view of reconciliation ‘breaks’ that are segregated according to priority. Exceptions that are expected to resolve automatically when certain conditions are met can now be de-prioritized. Significantly, Broadridge has further extended its empowerment of business users who are now able to build their own dashboards and inquiries in a matter of minutes and without incurring costs, instead of depending on IT specialists or consultants.
“We have extended our track-record of helping firms reduce the cost of configuring new reconciliations through our new, user-friendly dashboards that help tackle prioritized exceptions in a more timely and efficient manner,” said Jose Contin, general manager, Reconciliation and Process Management Solutions EMEA and Americas, Broadridge. “Our new confirmations portal, available as a technology managed service, offers firms a secure and streamlined approach to confirmation and affirmation processing at a time when industry regulations, specifically around the requirement of timely confirmations, are becoming ever more prevalent.”
Both the newly extended reconciliation solution and client confirmation portal are running in live operations.