Broadridge Secures Industry-Leading Blockchain Patent For Proxy Processing
Hyderabad, May 24, 2018– 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.
Broadridge Financial Solutions, Inc. (NYSE:BR), a $4billion global fintech leader, provides investor communications andtechnology-driven solutions for broker-dealers, banks, mutual funds andcorporate issuers globally.
Broadridge has office in Hyderabad, Delhi andBangalore in India and employs more than 3000 associates.
With over 50 years of experience, Broadridge’sinfrastructure underpins proxy voting services for over 50percent of public companies and mutual funds globally, andprocesses more than $5 trillion in fixed income and equity trades perday. Broadridge employs approximately 10,000 full-time associates in 16countries.
As a key participant and solutions provider in globalcapital markets technology, Broadridge continues to innovate andpartner withclients and market participants to maximize the benefits of distributed ledgertechnology and to achieve interoperability and standardization of blockchainplatforms. Building upon Broadridge’ssuccessful blockchain-basedbilateral repo pilot with two global investment banks, which showed howblockchain technology can increase operational efficiency, reduce risk andimprove auditability, the ‘238 Patent demonstrates how Broadridge’s technologycanstreamline reconciliation processes, improve data management and reducenon-value added costs. It will also expand Broadridge’s end-to-end proxysolution suite, leveraging the firm’s collaboration withthree leading global banking institutions to employ blockchain technology toenhance global proxy vote transparency and analytics.
“Broadridge is committed to driving the innovation roadmapfor the financial services industry and this blockchain patent is a significantmilestone,” said Managing Director ofBroadridge India, V.Laxmikanth. “Leveraging technology-based solutions to driveefficiency in the market, we aim to provide real business value for our clientsthat enables them to get ahead of today’s challenges and to capitalize on tomorrow’s opportunities.”
The invention couplesBroadridge’s private permissioned distributed ledger technology withcryptographic private keys to improve record keeping, security, accuracy,reconciliation, validation, data integrity, quality assurance, efficiency andspeed to repo agreements and proxy processing. In the proxy context, the ‘238Patent coversBroadridge’s private permissioned blockchain systemand method of implementing various features of Broadridge’s end-to-end proxysolution that enhance the proxy voting experience for key stakeholders. The‘238 Patent is also directed to implementing Broadridge’s private permissionedblockchain system to administer repo agreements.