Broadridge Financial Solutions announced an 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.
Michael Alexander, president of Wealth Management at Broadridge, said in a statement. “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.”
Broadridge Global Asset Servicing combines over 18 components for functionality and a “single gateway” data integration approach. This includes:
- 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. It is interoperable for asset servicing operations and eliminates workarounds, and reduces risk. The modular design allows organizations to select the components needed today and effortlessly deploy additional capabilities as requirements evolve.