LAKE SUCCESS, N.Y.,
May 10, 2018 /PRNewswire/
-- Broadridge Financial Solutions, Inc. (NYSE: BR), a
global fintech leader, today announced that the U.S. Patent and
Trademark Office granted U.S. Patent No. 9,967,238 (the "'238
Patent") directed to blockchain technology that will enhance the
processes for proxy voting and repurchase, or repo, agreements.
As a key participant and solutions provider in global capital
markets technology, Broadridge continues to innovate and partner
with clients and market participants to maximize the benefits of
distributed ledger technology and to achieve interoperability and
standardization of blockchain platforms. Building upon Broadridge's
successful blockchain-based bilateral repo pilot with two global
investment banks, which showed how blockchain technology can
increase operational efficiency, reduce risk and improve
auditability, the '238 Patent demonstrates how Broadridge's
technology can streamline reconciliation processes, improve data
management and reduce non-value added costs. It will also expand
Broadridge's end-to-end proxy solution suite, leveraging the firm's
collaboration with three leading global banking institutions to
employ blockchain technology to enhance global proxy vote
transparency and analytics.
"This blockchain patent is a significant milestone in
Broadridge's commitment to drive the innovation roadmap for the
financial services industry," said President and Chief Operating
Officer of Broadridge, Tim Gokey.
"Through the invention of technology-based solutions, we aim to
increase efficiency in the market and provide real business value
for our clients that enables them to get ahead of today's
challenges and to capitalize on tomorrow's opportunities."
The invention couples Broadridge's private permissioned
distributed ledger technology with cryptographic private keys to
improve record keeping, security, accuracy, reconciliation,
validation, data integrity, quality assurance, efficiency and speed
to repo agreements and proxy processing. In the proxy context, the
'238 Patent covers Broadridge's private permissioned blockchain
system and method of implementing various features of Broadridge's
end-to-end proxy solution that enhance the proxy voting experience
for key stakeholders. The '238 Patent is also directed to
implementing Broadridge's private permissioned blockchain system to
administer repo agreements.
About Broadridge
Broadridge Financial Solutions, Inc. (NYSE:BR), a $4 billion global fintech leader, provides
investor communications and technology-driven solutions for
broker-dealers, banks, mutual funds and corporate issuers globally.
Broadridge's investor communications, securities processing and
managed services solutions help clients reduce their capital
investments in operations infrastructure, allowing them to increase
their focus on core business activities. With over 50 years
of experience, Broadridge's infrastructure underpins proxy voting
services for over 50 percent of public companies and mutual funds
globally, and processes more than $5
trillion in fixed income and equity trades per day.
Broadridge employs approximately 10,000 full-time associates in 16
countries.
For more information about Broadridge, please
visit www.broadridge.com.
Media Contact:
Sofia Chernova
+1 646-459-4314
schernova@prosek.com
View original
content:http://www.prnewswire.com/news-releases/broadridge-secures-industry-leading-blockchain-patent-for-proxy-processing-and-repo-agreements-300646054.html
SOURCE Broadridge Financial Solutions, Inc.