Broadridge Re-defines Global Asset Servicing, Introduces Financial Industry's First Modular Platform to Unify Multiple Functions

Rhea-AI Summary

Broadridge Financial Solutions Inc. (NYSE: BR) is introducing a groundbreaking integration of multiple asset servicing functions into a single, real-time, multi-currency platform. This innovative solution streamlines traditionally fragmented activities across capital markets, wealth management, asset management, and global custody. The platform combines over 18 components, including tax and performance reporting, cost basis, proxy, class actions, reclaims, and a global custody platform.

Key features of Broadridge Global Asset Servicing include:

• Modular design for seamless onboarding
• Efficient data consolidation and reconciliation
• Simplified tech stack for straight-through processing
• Real-time data supporting advanced AI analytics
• Omnichannel communications system

This innovation aims to enhance automation, improve operational accuracy, speed, and risk mitigation in response to industry changes like T+1 and T+0 settlement cycles.

Positive

• Introduction of a unified asset servicing platform integrating multiple functions
• Streamlined solution enhancing automation and straight-through processing
• Real-time, multi-currency platform supporting various financial sectors
• Modular design allowing for flexible deployment of capabilities
• Improved operational efficiency and risk mitigation

Negative

• None.

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. (NYSE: 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 (NYSE: 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

 

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SOURCE Broadridge Financial Solutions, Inc.

FAQ

What new product is Broadridge (BR) introducing for asset servicing?

Broadridge (BR) is introducing a groundbreaking unified platform called Broadridge Global Asset Servicing, which integrates multiple asset servicing functions into a single, real-time, multi-currency solution across various financial sectors.

How many components does Broadridge's (BR) new asset servicing platform combine?

Broadridge's (BR) new Global Asset Servicing platform combines over 18 components to deliver comprehensive functionality and a 'single gateway' data integration approach.

What are the key features of Broadridge's (BR) new asset servicing platform?

Key features of Broadridge's (BR) new platform include modular design, efficient data consolidation, simplified tech stack, real-time data supporting AI analytics, and an omnichannel communications system.

How does Broadridge's (BR) new platform address industry changes like T+1 settlement?

Broadridge's (BR) new platform addresses industry changes like T+1 settlement by providing real-time, standardized data and streamlined, end-to-end operations, enhancing efficiency in an increasingly digital and data-driven environment.