Broadridge | September 18, 2023
Broadridge launches BRx Match, a cloud-based reconciliation and matching platform to empower business users to streamline complex reconciliation processes and enhance data integrity.
BRx Match offers self-build capabilities for business users, enabling faster onboarding of new reconciliations, reducing total ownership costs, and enhancing operational responsiveness.
This innovation represents a significant milestone in Broadridge's commitment to delivering cutting-edge fintech solutions that address real-world challenges and optimize reconciliation operations while maintaining data integrity.
Broadridge Financial Solutions, a global leader in fintech, has unveiled a game-changing solution to tackle reconciliation and data integrity challenges. The company has introduced BRx Match, a comprehensive cloud-based reconciliation and matching platform designed to empower business users with the tools to streamline complex reconciliation processes.
Alastair McGill, General Manager of Data Control Solutions, Broadridge, shared,
As global regulatory requirements become more complex and increasing transaction volumes demand greater operational efficiency as well as risk management, BRx Match allows financial and corporate clients to automate the reconciliation of any data sources and expedite the exception management process.
[Source – Cision PR Newswire]
With its business-user self-build capabilities, the platform would speed up onboarding new reconciliations, reducing total ownership costs and developing a more responsive operation. Alastair added that BRx Match represented the latest instance of Broadridge's commitment to streamlining the front-to-back environment for its clients by simplifying data integration.
This launch of the new solution represents a significant milestone in Broadridge's commitment to providing cutting-edge fintech solutions that address real-world challenges faced by businesses across the globe. BRx Match enhances operational efficiency and ensures higher transparency and accuracy by automating the reconciliation process from its inception, making BRx Match a strategic asset for enterprises seeking to optimize their reconciliation operations while maintaining integrity.
The introduction of BRx Match marks a notable departure from traditional reconciliation solutions that have struggled to meet the ever-evolving demands of the modern business landscape. In the past, businesses faced a daunting challenge when attempting to consolidate and coordinate reconciliation efforts across diverse data sources and models. BRx Match is an industry pioneer in offering a holistic data acquisition and transformation approach. It provides a set of fundamental matching rules that cater to a wide array of common reconciliation needs. With its versatility, businesses can harness a range of matching engines to attain optimal results, granting them unprecedented control and adaptability in their reconciliation tasks.
Data agnosticism is a unique feature of BRx Match. It enables users to seamlessly reconcile across various data types, from securities and cash to derivatives, reference data, card services, financial, and insurance data. This platform delivers a unified and consistent user experience throughout the enterprise. It places the power of reconciliation firmly in the hands of business users, allowing them to design, build, test, modify, and deploy their reconciliation processes with ease.
Security and Compliance
PR Newswire | October 18, 2023
Jack Henry™ (Nasdaq: JKHY) announced today that it is redefining fraud prevention with the initial roll out of Jack Henry Financial Crimes Defender™, a cloud-native fraud and anti-money laundering (AML) solution designed with real-time capabilities at the forefront. This new solution allows community and regional financial institutions to proactively combat financial crimes across channels.
Financial Crimes Defender is part of Jack Henry's technology modernization strategy, focused on delivering cloud-native solutions that help banks and credit unions innovate faster, differentiate strategically, and meet the evolving needs of their accountholders. The platform is built on the public cloud, allowing for real-time data, more accurate reporting, open integrations, speed, and agility.
New York-based Carver Federal Savings Bank is among the first financial institutions to implement the solution. "Jack Henry's Financial Crimes Defender positions us well against the rising threat of fraud; it allows us to offer a secure and smooth banking experience for our customers," said Patrick Brennan, VP of information technology at the bank. "It's seamless integration, user-friendly design and real-time, AI-powered fraud detection will help us operate more efficiently and improve our fraud detection rate to keep our customers and their money safe. Our staff can now make faster and smarter decisions and better combat financial crimes and minimize risk."
Financial Crimes Defender provides real-time detection and prevention of fraud involving checks, deposits, transfers, ACH transactions, and instant payments. Financial institutions can stop transactions before they leave the institution or appear in the clients' accounts. Plus, its open architecture allows for the seamless integration of third-party data into the platform, improving overall fraud management for financial institutions across all relationships.
This AI-powered solution bundles fraud and AML solutions to help financial institutions of all sizes make faster and more informed risk decisions, minimize false positives and wasted resources, improve operational efficiency, and ensure more effective fraud monitoring and reporting for Bank Secrecy Act (BSA) compliance. Moreover, its real-time data and behavioral analytics enables secure transactions and enhanced trust.
In order to fight fraud with more data, financial institutions can access a central repository of fraudulent activity using the Federal Reserve's FraudClassifier, built natively into the solution. FraudClassifier addresses the industry-wide challenge of inconsistent classifications for fraud involving ACH, wire, or check payments.
Fighting fraud with real-time data is the equivalent of catching an intruder at the front door, before they get into the house, says Matt Riley, president of Complementary Solutions at Jack Henry. Financial Crimes Defender lets financial institutions detect and prevent fraud at first sight, ensuring assets and information remain within the institution. This is a game-changer for community banks and credit unions.
PR Newswire | October 23, 2023
Finastra, a global provider of financial software applications and marketplaces, is partnering with ELCY, a specialist in e-commerce solutions for the processing of international trade finance, to provide a trade finance solution for corporates.
The Corporate Trade Finance Portal from Finastra and ELCY will enable corporates to communicate in a secure and authenticated manner with all their banks through one centralized platform. As a result, corporates will benefit from greater visibility and real-time control of all trade finance exposures across their organizations. The transition away from the complexity of connecting to multiple bank proprietary systems and the removal of inefficient paper-based processes will also deliver significant cost and efficiency savings.
Finastra is thrilled to build on our long-term relationship with ELCY through a global collaboration that creates immediate value for both parties, said Jaime Lynn, Vice President, Enterprise Solutions, Finastra. ELCY brings a wealth of expertise in meeting the trade finance needs of corporates, while Finastra meets the end-to-end digitization needs of banks focused on international trade and supply chain finance. Our close collaboration with ELCY expands our suite of solutions for corporates, enabling them to connect to all banks supplying them trade finance through a single portal. Corporate users benefit from much greater visibility and control in managing their cash flow and trade finance exposures and in reducing risk.
Robin Cohen, Chief Executive Officer, ELCY added: "Our partnership with Finastra will further increase our visibility and reach in the market, helping us deliver the benefits of our multi-bank portal solution to corporates globally. Customers using our joint Corporate Trade Finance Portal will be equipped to communicate seamlessly, both on the import and export side, with any SWIFT-enabled bank in the world to manage their day-to-day trade finance processing. All instructions or messages sent through the portal can be tailored to conform with the message type preferred by the bank in question. Furthermore, the portal includes extensive modular functionality enabling corporates to monitor counterparty and bank exposure, manage global bank limits and provide reports for credit and treasury departments all in real time."
The Corporate Trade Finance Portal is available as a cloud-based, multi-tenant SaaS solution meaning no software installation is required on site and all users benefit from the ability to adapt quickly to new market requirements through centrally-managed software upgrades.