Broadridge Financial Solutions has launched BRx Match, a cloud-based reconciliation and matching solution which aims to tackle reconciliation and data integrity challenges.
The all-in-one reconciliation platform was developed to solve complex and simple reconciliations, allowing users to leverage the power of an enterprise reconciliation solution.
The entire reconciliation process from the earliest point is automated by the platform, providing increased efficiency, transparency and accuracy, alongside minimising risk and total cost of ownership.
“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,” said Alastair McGill, general manager of data control solutions at Broadridge.
“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 simplifies data acquisition and transformation challenges alongside providing core sets of matching rules for a range of common reconciliations.
Following the acquisition of the data, a range of matching engines can be utilised to obtain the optimum output.
Self-build capability will also allow business users to design, build, test, modify and deploy their own reconciliations.
“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,” said Dayle Scher, research principal at Celent.
“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.”