Broadridge Financial Solutions has launched a new artificial intelligence (AI) and machine learning (ML) management platform built to be deployed across industry-wide reconciliation, matching and exception management applications. The product is the result of a partnership with Singapore-headquartered Tookitaki, whose AI and ML technology addresses industry-wide reconciliation, matching and exception processing inefficiencies.
Broadridge Data Control Intelligent Automation will allow customers to license modules on the platform for multiple Intelligent Automation applications with the initial two modules being Break Management and Recon Perform. Both modules provide a true enterprise wide capability, working across not only Broadridge’s reconciliations solution but in-house and third-party developed solutions.
Alastair McGill, general manager of Data Control Solutions at
“Intelligent Automation will drive performance and productivity gains from incumbent reconciliation systems, especially for organizations that have multiple vendor solutions in place. By leveraging AI and ML we are helping eradicate breaks in the exception management world, automatically finding the underlying cause of a problem and resolving it efficiently to ensure the underlying cause is addressed.”
Virginie O’Shea, Research Director, Aite Group, said:
“As our recent research has indicated, most firms have more than one reconciliation platform in place, so it is refreshing to see a vendor recognize that financial institutions would benefit from a solution that sits across all of these platforms. Though it would be ideal for firms to deal with only one reconciliation environment, that isn’t the current reality, and this is a practical approach to help firms deal with the well known industry pain points related to break management across the enterprise.”
Abhishek Chatterjee, Founder and CEO of Tookitaki, said:
“Tookitaki is helping Broadridge offer automatic matching and break detection with supporting audit trails. Our patent-pending explainability framework offers a ‘glass-box’ approach to ML models that allows users to view decisions made by the platform’s engine through a simple interface, This offering is unique to the industry and provides an unprecedented level of transparency to build confidence and trust in the application.”
The machine learning-powered Break Management module accelerates the investigation process. The Recon Perform module automates reconciliation builds and improvement tasks with automatic matching scheme configuration using supervised ML models and continuous matching scheme improvement. The Data Control Intelligent Automation platform uses the latest distributed computing framework to deliver a high-performance, scalable matching and exception process. It is agnostic to the underlying reconciliation system.