Vijay Mayadas, President of Global Fixed Income, Broadridge

Broadridge Financial Solutions has announced that the US-based retail credit union, Navy Federal Credit Union has gone live with on the fintech’s Mortgage-Backed Securities(MBS) Expert SaaS platform.

According to the supplier, MBS platform has been devised to provide specialised functional capabilities in order to support the front, middle and back-office operations. It integrates with the client’s existing electronic infrastructure and aims to reduce client start-up costs.

“MBS Expert was the right choice to support our expanding business needs, and we have transacted over $2 billion worth of MBS trading leveraging MBS Expert,” commented William Tabri, Manager of Capital Markets at Navy Federal Credit Union. “Navy Federal is now a full-clearing member of the FICC’s MBS Division, availing us of the entire range of MBS related services. Aside from leveraging the new relationships with other FICC member firms, we will benefit from decreased counterparty risk and a centralized margining process through the FICC.”

“Broadridge is excited to support our clients as they continue to expand and grow their business, and we are delighted that Navy Federal has chosen to use MBS Expert to manage its mortgage-backed processing needs,” said Vijay Mayadas, president of Global Fixed Income, Broadridge.

“Our MBS Expert SaaS offering is another example of Broadridge leveraging leading technology-driven solutions that set the standard in capital markets to help clients get ahead of today’s challenges. Broadridge’s delivery of MBS Expert minimizes the time to market and expense typically associated with implementing MBS processing solutions, enabling Navy Federal to maximize its return on investment and better focus operating and staffing resources on core business functions.”

Navy Federal Credit Union is amongst the first credit union to go live on Broadridge’s fixed income MBS Expert SaaS platform.

Recently, Broadridge Financial Solutions has announced the completion of the implementation of Broadridge’s investment management technology for Gluskin Sheff + Associates Inc.

Founded in 2007, Broadridge Financial Solutions is a provider of investor communications and technology-driven solutions to banks, broker-dealers, asset managers and corporate issuers globally.

Established in 1933, Navy Federal is a member-owned and not for profit organisation, with members from the Department of Defense and Coast Guard Active Duty, veterans, civilian and contractor personnel, and their families.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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