Scivantage, an independent financial technology provider with proven expertise in online brokerage, tax and portfolio reporting and wealth management applications, announced today that it will utilize Broadridge Financial Solutions' (BR) consolidated business process outsourcing solution to support reconciliation activities for Scivantage Maxit, the industry's only fully automated, real-time cost basis reporting platform.
Working together, Scivantage and Broadridge, the leading provider of investor communications and technology-driven solutions to financial services firms and corporate issuers globally, will provide enhanced and premium reconciliation services, further extending the unique data management capabilities Scivantage Maxit offers, including data cleansing, management and synchronization. Scivantage Maxit clients will have access to additional processing capabilities to further automate their cost basis reporting process, helping reduce data errors by eliminating manual operations and enabling clients to benefit from Broadridge's best-in-class service levels.
"Enhancing Maxit's reconciliation process is a natural extension of our recently announced partnership with Broadridge. This partnership brings together unmatched cost basis expertise in deploying, managing and developing cost basis reporting applications," said Job Dennison, Senior Vice President, Investment Reporting at Scivantage. "Our clients will continue to benefit as we work with Broadridge to further establish a standard for data accuracy and overall management of our clients' complex cost basis data needs."
"We are pleased to be working closely with Scivantage to help operationalize the manual business processes for reconciliation services," said Michael Alexander, President, Business Process Outsourcing, Broadridge. "As cost basis reporting regulations become increasingly complex, data cleansing and, more importantly, data accuracy, are critical to ensure compliance. Our proven methodology for comprehensive reconciliation support, combined with Maxit's market-leading cost basis solution, will complement each other and further enhance the value we deliver to clients."
Scivantage Maxit® is the only fully automated, real-time solution to provide accurate, adjusted cost basis reporting through a highly configurable platform. As the largest cost basis reporting product in the industry, Maxit enables broker-dealers, mutual funds, custodians and prime brokers to streamline tax and portfolio reporting and deliver a superior client experience, while reducing operational costs and meeting regulatory requirements.