Broadridge Financial Solutions has 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.
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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.
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By GlobalDataRoberto de la Cruz Martinez, director, Lynx S.p.A, said: "The success of this project to date is the result of a very collaborative effort. 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."
