Broadridge Financial Solutions (NYSE:BR) today announced that Kiwibank, the largest New Zealand-owned bank, has selected Broadridge's PROactive Reconciliation solution for the automation of reconciliations and investigations at an enterprise level across all areas of the bank.
The Broadridge solution will support reconciliation requirements across the bank's cash nostros, point-of-sale transactions, and its products for ATMs, credit cards, foreign exchange and interbank payments.
Broadridge's reconciliation solution will enable Kiwibank to reduce operational risk through earlier detection of exceptions and increased efficiency in investigating and resolving outstanding issues. The solution will deliver transaction reconciliation and exception management at a more detailed level, increasing transparency and reducing the potential for losses or over-payments.
PROactive Reconciliation will support Kiwibank's continual growth through the provision of an enterprise reconciliation platform that increases the efficiency and effectiveness of reconciliation processes across the organization. The bank will also introduce automated workflow for reconciliation discrepancies using the Broadridge tools so that they can be centrally managed and tracked through to resolution.
"What ultimately led us to Broadridge's PROactive Reconciliation solution were its fixed-price, fast-track implementation, and the ability to manage our total cost of ownership by transferring skills to configure new reconciliations ourselves rather than incurring post-implementation consultancy fees," said Terese Tunnicliffe, GM Payment Services at Kiwibank. "Other attractive features included the flexibility of the platform, user-friendly screens and configuration tools," continued Ms. Tunnicliffe.
Akhter Khan, Head of Asia Pacific, Securities Processing Solutions, International, Broadridge, said, "We are privileged to count Kiwibank among our newest clients in the Asia Pacific region, and we are fully committed to supporting them with the highest standards of service for all of their reconciliation requirements. They stand to gain significant efficiencies by deploying our extensive workflow automation throughout their enterprise and, through enh enhanced communications and exception management, across their branches and banking network."