Asia Awards 2023: Best reconciliation platform—Broadridge Financial Solutions

Overview

Data Control Reconciliations is Broadridge Financial’s reconciliations platform used by a large number of buy- and sell-side firms. The platform offers scalability to support clients of different sizes, the ability for client self-service on-boarding, and flexibility to help firms reduce various operational costs. 

The solution

Broadridge Data Control provides a variety of deployment models from traditional on-premises installations and hosted software-as-a-service (SaaS) deployments to a complete business process outsourcing (BPO) model where Broadridge assumes responsibility for performing complete reconciliations on a client’s behalf, raising any necessary exceptions and remaining accountable for any errors in the reconciliation process. This provides firms with greater control and process standardization in their reconciliation operations and enables them to focus on current business needs.

Secret sauce

The Broadridge Data Control platform automates reconciliation processes of cash, positions, trades, and reference data across virtually any asset class, including FX, equities, fixed income, exchange-traded and over-the-counter (OTC) derivatives. A key differentiator is its adaptability to clients’ needs with integration with the firm’s post-trade solution, regulatory reporting, and connection to its Swift service bureau.

Recent milestones

• Broadridge Data Control offers a Swift bureau service for non-Swift-enabled clients that require direct connectivity to the Swift network 
• SWIFT CBPR+ ready to assist organizations to meet the new ISO 20022 standards

Future objectives

New product enhancements include:

• Further enhancements to onboarding new reconciliations including self-service capabilities to allow clients to achieve quicker ROI
• Improving AI and ML usage across the board for clients to achieve higher match rates and more robust exception management
• Integration with Broadridge’s BRX Data Ontology, facilitating two-way data flow across the enterprise including regulatory reporting, post-trade, and reconciliation

Why they won

Broadridge follows up its success in the best trading network category in last year’s awards by winning the best reconciliation platform in this year’s edition, underlining its impressive versatility. In recent years, “recs” has become one of the most important back-office functions for firms on both sides of the industry as they look to increase the speed and accuracy of their recs functions through automation, while simultaneously enhancing their exception management capabilities. To that end, Broadridge’s Data Control Reconciliations platform automates recs processes for cash, positions, trades, and reference data across virtually any asset class.