Broadridge Introduces Modular Platform for Global Asset Servicing
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On Mon, 16 Sept, 4:04 PM UTC
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[1]
Broadridge rolls out modular platform
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. This innovation transforms traditionally fragmented activities and extends well beyond existing industry asset servicing solutions to include tax and performance reporting, cost basis, proxy, class actions, reclaims and a truly global custody platform. The streamlined solution enhances automation, drives straight-through processing benefits, leverages a common data ontology to optimize AI utilization and improves operational accuracy, speed and risk mitigation. "Broadridge's new unified platform represents a major shift in asset servicing," said Michael Alexander, President of Wealth Management at Broadridge. "Changes like the transition to T+1 and eventual T+0 settlement cycles and the rise of AI strategies are driving the demand for real-time, standardized data and streamlined, end-to-end operations. Companies have long struggled with challenges such as high costs, delays in processing, risk evaluation, data reconciliation and sub-par service levels. With our trusted expertise and transformative technology, we are uniquely positioned to create a single, best-in-class solution that addresses these issues head-on and can help our clients operate more efficiently in an increasingly digital and data-driven environment." Broadridge Global Asset Servicing combines over 18 components to deliver unprecedented functionality and a "single gateway" data integration approach. It streamlines the management and maintenance of financial assets, facilitating their safekeeping, accurate transaction processing, and compliance with regulations. Solution features include: The platform is powered by real-time advisor and customer event notifications with a full omnichannel communications system that minimizes decision-making time and reduces risk. Its seamless interoperability transforms asset servicing operations, eliminates workarounds, and reduces risk. The modular design allows organizations to select the components needed today and effortlessly deploy additional capabilities as requirements evolve.
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Broadridge Re-defines Global Asset Servicing, Introduces Financial Industry's First Modular Platform to Unify Multiple Functions - Broadridge Financial Soln (NYSE:BR)
Transforming risk management and improving operational efficiency, Broadridge is integrating several complex asset servicing functions into a single, streamlined solution NEW YORK and LONDON, Sept. 16, 2024 /PRNewswire/ -- To redefine the financial industry's conventional approach to asset servicing (the range of administrative and operational functions that support the management and maintenance of investment assets), global Fintech leader Broadridge Financial Solutions Inc. BR is introducing a ground-breaking integration of several asset servicing functions into a single, real-time, multi-currency platform across capital markets, wealth management, asset management and global custody. This innovation transforms traditionally fragmented activities and extends well beyond existing industry asset servicing solutions to include tax and performance reporting, cost basis, proxy, class actions, reclaims and a truly global custody platform. The streamlined solution enhances automation, drives straight-through processing benefits, leverages a common data ontology to optimize AI utilization and improves operational accuracy, speed and risk mitigation. "Broadridge's new unified platform represents a major shift in asset servicing," said Michael Alexander, President of Wealth Management at Broadridge. "Changes like the transition to T+1 and eventual T+0 settlement cycles and the rise of AI strategies are driving the demand for real-time, standardized data and streamlined, end-to-end operations. Companies have long struggled with challenges such as high costs, delays in processing, risk evaluation, data reconciliation and sub-par service levels. With our trusted expertise and transformative technology, we are uniquely positioned to create a single, best-in-class solution that addresses these issues head-on and can help our clients operate more efficiently in an increasingly digital and data-driven environment." Broadridge Global Asset Servicing combines over 18 components to deliver unprecedented functionality and a "single gateway" data integration approach. It streamlines the management and maintenance of financial assets, facilitating their safekeeping, accurate transaction processing, and compliance with regulations. Solution features include: Modular design to seamlessly support onboarding and the overall experience.Ability for institutions to consolidate and reconcile data more efficiently across the entire business, eliminating friction and minimizing financial and reputational risk.Simplified tech stack to help users realize straight-through processing across the asset servicing ecosphere.Consolidated, real-time data supports advanced, generative artificial intelligence to provide predictive and operational analytics, driving efficiency and real-time decision making. The platform is powered by real-time advisor and customer event notifications with a full omnichannel communications system that minimizes decision-making time and reduces risk. Its seamless interoperability transforms asset servicing operations, eliminates workarounds, and reduces risk. The modular design allows organizations to select the components needed today and effortlessly deploy additional capabilities as requirements evolve. About Broadridge Broadridge Financial Solutions BR, is a global technology leader with the trusted expertise and transformative technology to help clients and the financial services industry operate, innovate, and grow. We power investing, governance, and communications for our clients - driving operational resiliency, elevating business performance, and transforming investor experiences. Our technology and operations platforms underpin the daily trading of more than $10 trillion of equities, fixed income and other securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing over 14,000 associates in 21 countries. For more information about us, please visit www.broadridge.com. Media Contacts: North America Matthew Luongo Prosek Partners +1 646-818-9279 mluongo@prosek.com Europe Ruby Yeomans Cognito +44 (0) 7463730043 BroadridgeEMEA@cognitomedia.com View original content to download multimedia:https://www.prnewswire.com/news-releases/broadridge-re-defines-global-asset-servicing-introduces-financial-industrys-first-modular-platform-to-unify-multiple-functions-302248426.html SOURCE Broadridge Financial Solutions, Inc. Market News and Data brought to you by Benzinga APIs
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Broadridge Financial Solutions launches a groundbreaking modular platform for global asset servicing, aiming to revolutionize the industry with enhanced efficiency and flexibility.
Broadridge Unveils Innovative Modular Platform
Broadridge Financial Solutions, a global Fintech leader, has announced the launch of a pioneering modular platform designed to transform global asset servicing 1. This new offering represents a significant leap forward in the financial industry, providing unprecedented flexibility and efficiency for asset managers, transfer agents, and other financial institutions.
Key Features and Benefits
The platform introduces a modular approach, allowing clients to select specific components that best suit their needs. This flexibility enables financial institutions to tailor their asset servicing solutions, potentially reducing costs and improving operational efficiency 2.
Key features of the platform include:
- Cloud-native architecture
- API-first design
- Microservices-based components
- Global multi-asset class coverage
These features collectively aim to enhance scalability, reduce time-to-market for new products, and improve overall operational resilience 1.
Industry Impact and Market Reception
The introduction of this modular platform is expected to have a significant impact on the asset servicing landscape. By offering a more flexible and efficient solution, Broadridge is positioning itself at the forefront of innovation in the financial technology sector 2.
Martin Koopman, President of Bank Broker-Dealer Investor Communication Solutions at Broadridge, emphasized the platform's potential to redefine global asset servicing. He stated that the solution would enable clients to "future-proof their technology stack" and adapt more readily to evolving market demands 1.
Implementation and Adoption
Broadridge has reported that several clients have already begun implementing the new platform, with positive feedback on its modularity and efficiency. The company expects a gradual rollout across its client base, with the potential for widespread adoption in the coming years 2.
Technological Advancements
The platform's cloud-native architecture and API-first design represent significant technological advancements in the asset servicing space. These features are expected to provide greater flexibility, scalability, and interoperability, allowing financial institutions to more easily integrate the platform with their existing systems and adapt to future technological changes 1.
Market Outlook and Future Developments
As the financial industry continues to evolve, the demand for more flexible and efficient asset servicing solutions is likely to grow. Broadridge's modular platform positions the company to capitalize on this trend and potentially capture a larger market share in the global asset servicing space 2.
Industry analysts anticipate that this move by Broadridge could prompt other financial technology providers to develop similar modular solutions, potentially leading to increased competition and further innovation in the sector.
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