Broadridge launches BRx Match, a cloud-based platform for reconciliation and matching
Broadridge Financial Solutions introduces BRx Match, a cloud-based reconciliation and matching platform designed to streamline operations, improve efficiency, and reduce total cost of ownership.
Broadridge Financial Solutions has unveiled a groundbreaking solution that addresses reconciliation and data integrity challenges head-on.
The launch of BRx Match, a comprehensive cloud-based reconciliation and matching platform, marks a significant step forward in the world of financial technology.
This innovative solution aims to empower business users by providing them with the tools to streamline reconciliation processes, enhance transparency, and boost operational efficiency, ultimately reducing risk and total cost of ownership.
The challenge of reconciliation
In an era of increasing regulatory complexity and surging transaction volumes, the need for efficient reconciliation and data management solutions has never been greater.
Financial and corporate clients are under constant pressure to reconcile data from various sources accurately and expedite the exception management process. Traditional reconciliation tools often fall short in delivering a consolidated and coordinated approach for these challenges.
BRx Match addresses this gap by offering a comprehensive reconciliation platform that caters to both complex and straightforward reconciliation needs. By automating the entire reconciliation process from the very beginning, it promotes efficiency, transparency, and accuracy in operations.
Addressing fragmentation and complexity of reconciliation processes
A unique feature of BRx Match is its business-user self-build capability, allowing users to take control of reconciliation tasks. This empowers financial and corporate clients to onboard new reconciliation processes quickly and efficiently, thereby reducing the total cost of ownership and fostering a more agile operation.
One of the standout features of BRx Match is its data agnostic nature. It can perform a wide range of reconciliations for various data types, including securities, cash, derivatives, reference data, card services, financial, and insurance data. The platform’s versatility extends to its matching engines, allowing users to choose the best approach for their specific reconciliation needs.
BRx Match addresses the fragmentation and complexity of reconciliation processes in the industry. With a single platform capable of consolidating reconciliation across asset classes, business lines, and geographical regions, Broadridge aims to reduce total cost of ownership significantly. By providing a holistic view of transactions and data exceptions, the platform helps mitigate operational risks effectively.
Broadridge’s existing clients will experience a seamless transition to BRx Match, receiving access to the platform’s user interface and product enhancements as part of their roadmap. This ensures that all clients can take advantage of the innovative self-service capabilities offered by BRx Match.
Volumes causing an explosion in both structured and unstructured data
Alastair McGill, General Manager of Data Control Solutions, Broadridge, said: “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. BRx Match is the latest example of how Broadridge is streamlining the front-to-back environment for our clients through easing data integration and simplifying and accelerating the reconciliation and exception management process.”
Dayle Scher, Research Principal at Celent, said: “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. 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.”