Broadridge Financial Solutions, a provider of business intelligence for the asset management industry, announced the launch of its next-generation global asset servicing solution on Sunday.

According to the statement, the solution, which was developed with a global tier-one bank for global asset servicing, aims to address the key industry, business, and operational challenges.

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Specifically, the firm highlights the inefficient processes currently used in asset servicing, stating they increase operational risks and reduce a company’s ability to control costs. By automating processes, such as announcements, notifications, elections and more, Broadridge’s solution can mitigate these risks, the statement said.

Broadridge Solution Offers a Streamlined Process on a Single Platform

The solution has now been cloud and Software as a Service (SaaS)-enabled. By completely automating the asset servicing lifecycle, the solution is able to streamline corporate actions, dividend and coupon processing across different asset classes. In addition, because the solution offers everything through a centralized platform, users can view, manage and report across portfolios all in a single place.

Commenting on the solution, Tom Carey, the President of Broadridge Global Technology and Operations said: “The number of corporate actions is increasing across global markets – each one navigating a complex network of intermediaries and custodians.”

“With fragmented systems and regulatory pressures increasing processing challenges, financial institutions need a modern solution that simplifies their architecture, streamlines the operations and improves risk management.”

“Our industry-leading solution – designed by users for users – simplifies the technology of our capital markets clients and helps their back-office functions drive real business and operational value.”

Broadridge is part of the S&P 500 Index and provides its technology-driven solutions to institutional clients ranging from banks to broker-dealers, asset managers and corporate issuers.

The firm’s global asset servicing solution is already being deployed by global firms, which the statement states, is replacing multiple silo systems used by these companies which span across investment bank, wealth and asset management lines.