Broadridge Financial Solutions has launched a new artificial intelligence (AI) and machine learning platform for reconciliation, matching and exception management application.
Broadridge teamed up with Singapore-headquartered Tookitaki Holding to utilise their AI and machine learning technology to deliver the platform addressing reconciliation, matching and exception processing inefficiencies.
The platform will allow clients to license modules on the platform for multiple intelligent automation applications with the initial two modules being break management and recon perform.
Alastair McGill, general manager of data control solutions at Broadridge, said: “Intelligent automation will drive performance and productivity gains from incumbent reconciliation systems, especially for organisations that have multiple vendor solutions in place.”
McGill added: “By leveraging AI and machine learning 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.”
Tookitaki founder and CEO, Abhishek Chatterjee, 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 machine learning 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.”
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