To build on the partnership between Scivantage, provider of technology solutions for the financial industry, and Broadridge Financial Solutions, Scivantage Maxit, an automated real-time cost basis reporting platform, will now support reconciliation.
"Broadridge has a system for applying reconciliation process and the manpower to do them, should they be necessary," says Job Dennison, SVP of investment reporting of Scivantage. "We're taking the service we have and extending it by giving our customers more flexibility."
The flexibility allows Maxit customers to use the product based on their reconciliation needs, adds Dennison. This is the second new functionality to come from the partnership. Previously, Scivantage added the cost-basis processing for Broadridge clients.
Maxit is hosted in Broadridge’s data centers as well as being integrated with Broadridge’s processing engine. Scivantage is taking Broadridge’s processing service to extend to clients using the Maxit platform, says Adnane Charchour, president and CEO of Scivantage in an interview.
[Check out our interview with: Susan Certoma, president of brokerage and processing services for Broadridge and Adnane Charchour, president and CEO of Scivantage. ]
Scivantage supports over 40 financial institutions, 22,00 financial professionals and 1.6 million retail investor accounts and day. Broadridge’s infrastructure supports proxy voting services for over 90% of public companies and mutual funds in North America and processes over $4.5 trillion in fixed income and equity trades per day.