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LAKE SUCCESS, N.Y., Feb. 25, 2014 – Broadridge Financial Solutions, Inc. (NYSE:BR) today announced that Vienna-based Raiffeisen Bank International AG (RBI), a leading Central and Eastern European bank, has implemented Broadridge’s PROactive Reconciliation Solution across six of the bank’s regional subsidiaries to fully automate reconciliation processing.
As part of Broadridge’s proven ability to address increasingly complex client needs through technology and operations solutions, PROactive allows RBI to increase operational control and achieve more efficient processing on a single, standard platform throughout its network banks in Poland, Bosnia and Herzegovina, Kosovo, Romania, Bulgaria and Albania. These represent both new implementations and those migrating to the latest release of Broadridge’s highly-configurable, multi-asset solution PROactive Reconciliation to fully automate exception management.
Through its shared service center located in Romania, Centralized Raiffeisen International Services & Payments S.R.L. (CRISP), RBI is pursuing a strategy to consolidate the reconciliations processing of its operations across multiple European locations into a centralized hub and intends to migrate remaining international network banks onto a single installation. A key element of the project has been to shift all processing from locally installed stand-alone systems onto an enterprise-wide platform, which is offered by Broadridge on a choice of database technology.
“The deployment flexibility of PROactive has allowed us to standardize our central infrastructure for enterprise-wide reconciliation processing and maximize operational efficiency across multiple regions,” said Pierre Brisse, General Manager, CRISP. “We are seeing high quality results from the solution’s advanced automation and workflow, including substantial improvements to our automated matching rates and the ability to quickly onboard additional reconciliation types, such as ATM and internal account reconciliations.”
Mr. Brisse added, “The implementation of PROactive has enabled us to provide an ASP service internally and across multiple locations. We welcome the continued support from Broadridge in helping us achieve such strategic measures and become more self-sufficient in the management of our reconciliation processing.”
Jose Contin, General Manager, EMEA and Americas for Broadridge’s PROactive Solutions, said, “This project is further affirmation of Broadridge’s growing footprint in Central and Eastern Europe. More and more, clients like RBI are moving towards a centralized reconciliations service, and we are already seeing how the strategy is enhancing the bank’s transparency and operational control while enabling significant improvements in risk management and cost efficiency.”
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.
About Raiffeisen Bank International AG
Raiffeisen Bank International AG (RBI) regards both Austria, where it is a leading corporate and investment bank, and Central and Eastern Europe (CEE) as its home market. Fifteen markets of the region are covered by subsidiary banks, additionally the Group comprises numerous other financial service providers, for instance in the fields of leasing, asset management and mergers and acquisitions. RBI is the only Austrian bank with a presence in both the world's financial centres and in Asia, the group's further geographical area of focus. In total, around 59,000 employees service about 14.4 million customers through more than 3,000 business outlets, the great majority of which are located in CEE. RBI is a fully-consolidated subsidiary of Raiffeisen Zentralbank Österreich AG (RZB). RZB indirectly owns around 60.7 per cent of the common stock, the remainder is in free float. RBI's shares are listed on the Vienna Stock Exchange. RZB is the central institution of the Austrian Raiffeisen Banking Group, the country's largest banking group, and serves as the head office of the entire RZB Group, including RBI. Visit www.rbinternational.com.