Broadridge Financial Solutions has released the latest update of its Private Market Hub platform, using Amazon Managed Blockchain from Amazon Web Services (AWS).
The platform will use distributed ledger technology (DLT) to better connect the private equity ecosystem and assets.
Broadridge said in a statement that the latest release has added connectivity to existing industry tools and technologies to help further automate workflows between front-, middle- and back-office functions, providing a consistent, secure, real-time view of data.
The FinTech giant added its Private Market Hub reduces friction for fund managers, investors and administrators by bringing together private equity ecosystem participants, which also allows for easier auditability.
“We are leveraging blockchain technology to drive further innovation, removing industry friction in workflows and delivering real savings in terms of cost and time, by offering seamless connectivity to critical applications and solutions that industry participants rely on,” said Eric Bernstein, president of asset management solutions at Broadridge.
“The trends around digitisation and data and analytics are only growing, and digital assets mark the start of an exciting new era for the private markets industry and fund managers and investors alike, accentuating the need to access best-in-class products to address the evolving landscape.”
Management, communication and engagement by funds with investors and other stakeholders are said to be achieved with greater efficiency when using the platform. The use of DLT will enable these innovations to take place and to streamline traditionally disconnected and inefficient processes.
“We are excited to support Broadridge’s Private Market Hub, which accelerates the digitisation of a critical part of the financial services infrastructure. Private Market Hub’s use of Amazon Managed Blockchain, a fully managed blockchain service, allows us to help Broadridge scale efficiently and more effectively serve its customers,” said Saman Michael Far, VP, financial services technology, Amazon Web Services.
The update of Broadridge’s Private Market Hub follows the release of FastStart, the FinTech firm’s new post-trade processing solution launched in February this year. FastStart provides an all-in-one approach for post-trade processing, cutting costs while simplifying implementation and support.
The latest update to the platform adds connectivity to existing industry tools and technologies.