FinTech Broadridge Financial unveils new AI/ML platform

Broadridge Financial

Abhishek Chatterjee, Founder, and CEO, Tookitaki

Broadridge Financial Solutions Inc has launched ‘Broadridge Data Control Intelligent Automation’, a new artificial intelligence (AI) and machine learning (ML) platform.

The FinTech has teamed up with Singapore-headquartered Tookitaki Holding Pte Limited, to utilize their AI and ML technology for delivering a platform that will address industry-wide reconciliation, matching and exception processing inefficiencies, according to a statement.

“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,” Tookitaki Founder and CEO, Abhishek Chatterjee shared.

As a part of the new service, customers will be able 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 an enterprise-wide capability, working across in-house and third-party developed solutions.

“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,” Alastair McGill, GM Data Control Solutions at Broadridge said.

The machine learning-powered Break Management module accelerates the investigation process, reducing resolution times by continuously improving break classification according to client-defined business reasons.

The Recon Perform module automates reconciliation builds and improvement tasks with automatic matching scheme configuration using supervised ML models and continuous matching scheme improvement, saving time and cost for firms.

The Data Control Intelligent Automation platform uses the latest distributed computing framework. It can be deployed on-premise, on Broadridge-managed servers or in the Cloud.

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