Responding to the ongoing industry challenge of data reconciliation, Broadridge Financial Solutions has released Data Control Intelligent Automation, an artificial intelligence (AI) and machine learning (ML) platform built for deployment across reconciliation, matching and exception management applications. The solution has been developed with Singapore-based Tookitaki, a provider of AI and ML technology.
The platform will allow customers to license modules on the platform that provide intelligent automation applications. The initial modules are Break Management and Recon Perform. Both modules provide enterprise wide capability, working across not only Broadridge reconciliation solutions, but also in-house and third-party developed solutions.
Alastair McGill, general manager of Data Control Solutions at Broadridge, says: “Intelligent automation will drive performance and productivity gains from incumbent reconciliation systems, especially where organisations have multiple vendor solutions in place.”
The Broadridge platform uses a distributed computing framework to deliver a high-performance and scalable matching and exception process. It is agnostic to the underlying reconciliation system and can be deployed on premise, on Broadridge managed servers or in the cloud. The Break Management module accelerates the investigation process, reducing resolution times by continuously improving break classification according to client-defined business reasons. Recon Perform automates reconciliation builds with an automatic matching scheme that uses supervised ML models and continuous matching scheme improvement, saving time and cost for firms managing large volumes of reconciliations.
The Tookitaki element of the solution includes the company’s patent-pending explainability framework, which offers a ‘glass-box’ approach to ML models that allows users to view decisions made by the platform’s engine through a simple interface.