The Global fintech service provider, Broadridge Financial Solutions, Inc. (NYSE:BR) has introduced BRx Match, a comprehensive cloud-based reconciliation and matching solution designed to address reconciliation and data integrity challenges. BRx Match aims to streamline and simplify the reconciliation process for businesses, improving efficiency, transparency, accuracy, and reducing risk and total cost of ownership.
BRx Match Simplifies Complex Data Reconciliation
Traditional reconciliation solutions often struggle to provide a consolidated and coordinated approach to reconciling data across various business areas. BRx Match addresses this issue by offering a unified platform that simplifies data acquisition and transformation, along with core matching rules for common reconciliation tasks.
Users can choose from different matching engines to obtain optimal results and have the flexibility to design, build, test, modify, and deploy their reconciliations with self-build capabilities.
"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, the 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 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."
Seamless Transition to Enhanced Reconciliation
BRx Match is data agnostic, making it flexible for reconciling various types of data, including securities, cash, derivatives, reference data, card services, financial, and insurance data. The platform offers robust control, consistent user experiences, full exception management, workflow, a consolidated audit trail, and comprehensive reporting.
Dayle Scher, Research Principal at Celent, noted that the financial industry is experiencing a surge in transaction volumes across asset classes, leading to an increasing need for efficient reconciliation processes. Firms are seeking ways to streamline and consolidate reconciliation processes under a single platform, ultimately reducing total ownership costs.
BRx Match will be integrated non-disruptively for Broadridge's existing clients, offering a self-service capability for reconciliation tasks. Clients will receive the BRx Match UI and product enhancements as part of their existing service agreements, supporting a seamless transition to the new platform.
