Broadridge Partners with AccessFintech to Transform Resolution of Settlement Fails

Rhea-AI Summary

Broadridge Financial Solutions (NYSE: BR) has teamed up with AccessFintech to launch a Strategic Gateway for Settlement Workflow, aimed at improving the resolution of multi-party settlement failures. This solution utilizes Broadridge's post-trade platforms combined with AccessFintech's cloud-based operations model, resulting in cost savings, reduced operational risk, and faster settlement resolutions. The partnership addresses inefficiencies in the current manual processes, ensuring compliance with Central Securities Depository Regulation (CSDR) requirements expected in February 2022.

Positive

• Launch of Strategic Gateway for Settlement Workflow expected to improve efficiency in resolving settlement failures.
• Partnership with AccessFintech enhances Broadridge's technological solutions and market position.
• Expected benefits include cost savings and reduced operational risks for clients.

Negative

• Current settlement failure resolution processes remain manual and time-consuming, posing operational risks.
• CSDR compliance requirements expected by February 2022 create urgency for implementation.

NEW YORK, March 23, 2021 /PRNewswire/ -- Broadridge Financial Solutions, Inc. (NYSE:BR), a global Fintech leader, has partnered with AccessFintech to deliver a new Strategic Gateway for Settlement Workflow that offers efficiencies in resolving multi-party settlement fails. The solution is powered by Broadridge's industry-leading post-trade platforms and data, and incorporates AccessFintech's cloud-based operations workflow model. As a result, banks, broker-dealers, prime brokerages and custodians can achieve transformational benefits that include cost savings, reduction of operational risk, expedited resolution of settlement fails, and a seamless experience for their buyside clients.

"The volatility in the securities market over the past year highlighted the industry's need for a more efficient settlement process that promotes market liquidity," said Vijay Mayadas, President of Capital Markets at Broadridge. "Broadridge's partnership with AccessFintech aims to bridge operational gaps that currently exist in multi-party exception management with a collaborative approach, providing the sell-side with consistent, quality data and an automated workflow. Our latest investment demonstrates Broadridge's continued commitment to driving efficiency across the industry through an enhanced post-trade processing experience and simplified technology, including a consistent API framework."

In the current market environment, the process of resolving settlement failures is manual, involving offline and time-consuming channels such as email, phone calls and chats between multiple counterparties. This leads to greater operational risk, inefficiency, a challenging user experience, and regulatory non-compliance under the Central Securities Depository Regulation (CSDR) requirements expected by February 2022.  By enabling a global network of participants to easily share data with multiple counterparties on one platform, the Strategic Gateway for Settlement Workflow ensures high-quality and consistent data, seamless onboarding, and transforms clients' ability to compare data automatically and resolve settlement exceptions efficiently.

"In today's banking environment, clients demand inventive yet robust solutions that can help reduce their costs and eliminate excessive complexity," said Roy Saadon, CEO of AccessFintech. "We are excited to partner with Broadridge, as we believe clients of both firms will benefit from a much-improved experience in multi-party workflow management and exception resolution. Further, we look forward to working together on other new solutions to create a more powerful and innovative ecosystem for the market."

About AccessFintech

AccessFintech uses technology to evolve the financial industry operating model. Its aim is to transform the model to drive control, transparency, efficiency and collaboration across the whole financial ecosystem.  The company has a self-service ethos, where risk is mutualized, and there is better, more enlightened decision-making across organizations and functions. It was founded in 2015 by a team of financial industry veterans with proven experience, creativity and expertise in driving efficiency and solving problems in the context of the global capital markets. AccessFintech has created and operates a unique network of financial industry participants, sharing data and collaborating on exception resolution of trades. The technology is designed in such a way that clients can quickly and easily adopt the service without significant resource allocation, enabling firms to control their risk management practices while increasing the number of services consumed. For further information, please go to AccessFintech.com or follow us on LinkedIn or Twitter.

About Broadridge

Broadridge Financial Solutions (NYSE: BR), a global Fintech leader with over $4.5 billion in revenues, provides the critical infrastructure that powers investing, corporate governance and communications to enable better financial lives. We deliver technology-driven solutions to banks, broker-dealers, asset and wealth managers and public companies. Broadridge's infrastructure serves as a global communications hub enabling corporate governance by linking thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world. In addition, Broadridge's technology and operations platforms underpin the daily trading of on average more than U.S. $10 trillion of equities, fixed income and other securities globally. A certified Great Place to Work^®, Broadridge is a part of the S&P 500^® Index, employing over 12,000 associates in 17 countries. For more information about us and what we can do for you, please visit www.broadridge.com.

Investors

W. Edings Thibault
Head of Investor Relations, Broadridge
+1 516-472-5129
Edings.Thibault@Broadridge.com

Media
Tina Wadhwa
Corporate Communications, Broadridge
+1 212-973-6164
Tina.wadhwa@broadridge.com

Serra Balls
Eterna Partners
Public Relations, AccessFintech
+44 20 3911 0353
serra.balls@eternapartners.com

 

 

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SOURCE Broadridge Financial Solutions, Inc.

FAQ

What is the partnership between Broadridge and AccessFintech?

Broadridge partnered with AccessFintech to launch a Strategic Gateway for Settlement Workflow to enhance the efficiency of resolving multi-party settlement fails.

What are the expected benefits of the new Strategic Gateway for Settlement Workflow?

The new gateway is expected to provide cost savings, reduce operational risk, and expedite the resolution of settlement fails for financial institutions.

How does the new settlement workflow solution address market inefficiencies?

It provides a collaborative platform for data sharing among multiple counterparties, improving operational efficiency and compliance.

What is the significance of CSDR compliance for Broadridge?

CSDR compliance, required by February 2022, emphasizes the need for a more efficient settlement process, making the new solution timely and relevant.

What does Broadridge's investment in this partnership indicate about its business strategy?

Broadridge's investment reflects its commitment to enhancing post-trade processing efficiency and addressing operational gaps in the financial markets.