Raiffeisen service centre upgrades to Broadridge reconciliation platform

Broadridge Financial Solutions said Centralised Raiffeisen International Services & Payments S.R.L., the shared service centre for Raiffeisen Bank International, has moved to its BRx Match reconciliation platform. The deployment is intended to support CRISP across 14 markets and prepare the organisation for a projected fourfold increase in transaction volumes, according to Broadridge.

The agreement extends a relationship between Broadridge and CRISP that began in 2009. Broadridge described the latest arrangement as a long-term agreement and said it represents an upgrade of CRISP’s reconciliation technology infrastructure.

Reconciliation is a core control process in banking operations. It is used to compare records across internal systems, counterparties, payment channels and market infrastructures, then identify items that do not match and require review. For banks and shared service centres operating across jurisdictions, the process affects operational risk, regulatory reporting and the ability to process higher volumes without adding proportional manual workload.

Broadridge said BRx Match is a cloud-based platform designed to provide greater automation, improved management of exceptions and integration with ISO 20022 messaging standards. ISO 20022 is the financial messaging standard being adopted across a growing share of global payments and securities market infrastructure, requiring banks and service providers to handle richer, more structured transaction data.

CRISP will use the platform in markets spanning the DACH region, Central and Eastern Europe and Asia, according to Broadridge. The rollout includes both new implementations and migrations from earlier Broadridge reconciliation products.

Andreea-Beatrice Manea, general manager at CRISP, said the organisation needed a scalable reconciliation platform to support operational standards and regulatory requirements. She said the move to BRx Match gives CRISP technology to support its growth plans while maintaining compliance with current industry standards.

Sandeep Saggi, general manager for regulatory solutions and data control at Broadridge, said the expanded work with CRISP showed Broadridge’s capacity to support reconciliation across multiple markets. He said financial institutions are seeking to modernise reconciliation processes as industry requirements change.

The announcement places the project within a broader operational shift for large banking groups, where shared service centres are being asked to process more transactions across more jurisdictions while maintaining control quality. Broadridge said the platform is intended to improve efficiency, transparency and accuracy for CRISP, while reducing exposure to risk.

Broadridge Financial Solutions, listed on the New York Stock Exchange under the ticker BR, provides technology and operations services to financial firms. Raiffeisen Bank International is served by CRISP for centralised international services and payments activities.

This story draws on original reporting from Finextra Research.