Broadridge Financial Solutions (NYSE:BR) today announced that Lloyd's, the world-leading specialist insurance market, has signed a multi-year agreement to continue using Broadridge's UK market-leading retail and private client transaction processing platform, Tarot, on a service bureau basis.
It has also extended its use of Broadridge's solutions through a SWIFT messaging bureau service that is newly available to Tarot users.
Lloyd's is a well-established user of the Tarot service bureau, and uses the solution to process its members' funds and assets, such as equities, bonds and cash, which are held in custody by Lloyd's both for the UK and international equity and bond markets.
Tarot enables Lloyd's to benefit from the highest levels of operational efficiency throughout the processing of trade settlement, instructions and corporate actions, together with proactive exception management and workflow support. It also provides remote access for Lloyd's member agents and corporate members; allows Lloyd's to register members' assets against other members' liabilities; and provides a comprehensive reference data repository.
As part of Broadridge's commitment to ongoing investment in its range of products and services, Tarot users can now take advantage of newly introduced market connectivity to the SWIFT network. Lloyd's has commenced live operational usage of this service to process its payments and international trade settlements as part of the custody management services that it provides for its members, enabling it to benefit from higher levels of straight-through processing and reduced manual intervention.
"Lloyd's is a prestigious, globally respected organisation, and we are very privileged to have been selected to continue as their service provider," said Tom Carey, President, Securities Processing Solutions, International, Broadridge. "Lloyd's, and its clients, can depend on our absolute commitment to service excellence, as well as an ongoing investment in our solutions to ensure that we and our clients remain at the forefront of the marketplace," Mr. Carey continued.