BBVA Deploys Broadridge PROactive Operational Control Solutions for Enterprise-wide Reconciliations Processing
Smoothly executed project and superior technology to deliver advanced automation for bank's cash and securities reconciliation controls
LAKE SUCCESS, N.Y., Nov. 4, 2013 /PRNewswire/ -- Broadridge Financial Solutions, Inc. (NYSE: BR) today announced that BBVA Group has selected the PROactive Reconciliation and PROactive Control for Investigations solutions to automate reconciliations processing for its Corporate & Investment Banking and Asset Management divisions. Following a successful implementation period, both divisions are now live with the Broadridge solutions.
BBVA has embarked on a strategic redesign of its operating model to reduce financial risk and improve operational efficiency. Major factors influencing the bank's decision to select PROactive were its advanced functionality and user-friendly design and the flexibility of platform deployment offered by Broadridge. The system is currently provided on-site through web-browser technology, but there is the potential for the bank to opt for a hosted solution in the future.
BBVA needed a reconciliations solution that could increase operational control and enable more efficient processing on a single, standard platform. Automating its reconciliation and investigation processes has improved accessibility to reconciliations data and has increased transparency. Enhanced monitoring and management of exceptions is also reducing operational risk.
Throughout the project, Broadridge collaborated with local consultancy firm, Lynx S.p.A., whose regional expertise and established relationship with BBVA helped ensure that the bank's specific requirements were fully understood and clearly defined. "The success of this project to date is the result of a very collaborative effort," said Roberto de la Cruz Martinez, Director, Lynx S.p.A. "The project was managed through a dedicated, specialist team working in close alignment with the bank's central operation, from initial capture of requirements, through testing and into production. Meticulous planning and our close working relationship have produced a very positive result."
BBVA's strategic vision is to create a centralized global reconciliations hub at the enterprise level and support its various lines of business around the world. The bank was also able to expand its usage of PROactive by building additional asset management reconciliations in parallel with the implementation for the Corporate & Investment Banking business.
Jose Contin, General Manager, EMEA and Americas for Broadridge's PROactive solutions, said, "With BBVA's commitment to PROactive, we continue to accelerate the roll-out of our solution into the banking and capital markets across the EMEA region, and we are delighted to welcome on board our largest client in Spain. The speed with which the bank has gone live is further proof of the solution's quality and of our ability to deploy in an efficient and effective manner, on time and within budget."
BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, it is the largest financial institution in Mexico and it has leading franchises in South America and the Sunbelt Region of the United States. Its diversified business is biased to high-growth markets and it relies on technology as a key sustainable competitive advantage. BBVA ranks among the leading Euro zone banks in terms of ROE and efficiency. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies the best practices. The Group is present in the main sustainability indexes. To find out more, visit www.bbva.com
Lynx S.p.A., through its subsidiaries, provides consultancy solutions and technical services in Italy and Spain. The company offers process monitoring, account reconciliation, derivatives and indexes automation, OICR automation, price loader, and order management solutions to banks, asset managers, and stock brokerage firms, as well as solutions to manage issues concerning the management of closed-end real estate funds; and for analysis, management, and verification of security's portfolios. It also provides system integration and application maintenance services. In addition, the company develops front, middle, and back-office products for the asset management sector. It serves finance, energy, public administration, and services industries. The company was founded in 1998 and is based in Padua, Italy with additional offices in Padua, Milan, Rome, and Siena, Italy; Barcelona and Madrid, Spain; and Andorra. Lynx S.p.A. operates as a subsidiary of Modafyn S.r.l. Visit www.lynxspa.com
Broadridge Financial Solutions, Inc. (NYSE: BR) is the leading provider of investor communications and technology-driven solutions for broker-dealers, banks, mutual funds and corporate issuers globally. Broadridge's investor communications, securities processing and business process outsourcing solutions help clients reduce their capital investments in operations infrastructure, allowing them to increase their focus on core business activities. With over 50 years of experience, Broadridge's infrastructure underpins proxy voting services for over 90% of public companies and mutual funds in North America, and processes more than $5 trillion in fixed income and equity trades per day. Broadridge employs approximately 6,400 full-time associates in 13 countries.
For more information about Broadridge, please visit www.broadridge.com.
SOURCE Broadridge Financial Solutions, Inc.