Fintech has partnered with Broadridge, a global financial solutions provider to offer transaction data reconciliation services through PROactive Reconciliation, a solution that automates reconciliation from multiple data silos to drive operational efficiency across a broad spectrum of business areas.
PROactive a single center for reconciliation services offers a multi-asset solution for Cash, Securities, Derivatives, Finance, Insurance and Reference Data reconciliation to enable firms to gain a consolidated, unified view across all types of transactions. It also monitors, validates, enriches and matches transaction data from the earliest point in the trade cycle to final settlement.
Fintech Group’s General Manager Tony Mbugua said that the partnership was timely especially with the increased demand for solutions that offer operational efficiency and better risk management for the rising transaction volumes.
“Fintech seeks to offer solutions that leverage technology to achieve operational excellence hence with this partnership; our clients will be able to make the correct risk management and operational decisions,” he added.
With this solution, Fintech clients will experience continual growth through the provision of an enterprise reconciliation platform that increases the efficiency and effectiveness of reconciliation processes across the organization. In addition, they will benefit from improved match rates and central access points across different types of transactions.
Broadridge’sDirector of Business Development in Europe, Middle East and Africa, Jerome Z. Hoffmansaid that more and more firms are seeking centralised reconciliation services to manage the transactional data held in different silos which can potentially cause settlement losses, trading errors and reputational damage.
“With the increase in regulatory pressures, financial services firms are recognizing the value of deploying enterprise reconciliation solutions to enhance transparency and operational control while enabling significant improvements in risk management and cost efficiency,” he concluded.
Fintech is an ISO certified enterprise IT solutions and services provider with 5 operations across Africa – Kenya, Malawi, Mauritius, Uganda and Zimbabwe – and has over 20 years’ experience in providing solutions and services in various sectors and mainly the financial services industry (FSI) in both presence and non-presence countries across Africa such as; Tanzania, Rwanda, Ghana, Liberia, Libya, The Gambia, Ghana, Egypt, Nigeria, Morocco, South Sudan, Ethiopia, Kenya, Malawi, Uganda, Mauritius, Uganda, Zimbabwe and Tunisia.
Broadridge Financial Solutions is a leading provider of investor communications and technology-driven solutions for broker-dealers, banks, mutual funds and corporate issuers globally. Broadridge’s investor communications, securities processing and business process outsourcing solutions help clients reduce their capital investments in operations infrastructure, allowing them to increase their focus on core business activities.