Broadridge Financial Solutions has announced plans to offer a hosted version of Oracle Corp.’s Mantas Behavior Detection software.
Installing the Mantas system--designed to manage the detection, prevention, investigation and resolution of fraud and suspicious activities--on a licensed basis is too expensive for many smaller brokers, according to Marshall Levin, VP and general manager of Broadridge’s broker-dealer business. The Web-based solution will target those firms.
The new system will integrate data-aggregation technology from Investigo, which Broadridge acquired in July. “Broadridge will feed data from multiple custodian banks through Investigo to Mantas,” said Levin. “Such aggregation will offer independent brokers a holistic view of all their clients.” The service, he said, will provide “transparency and visibility across both their data and process activities on a cost-efficient basis.”
According to New York-based Broadridge, the hosted Mantas will help clients with compliance management, risk management, customer suitability, representative oversight, trading abuses and mutual fund sales compliance. The Oracle deal marks Broadridge’s first venture in the compliance space.
In a statement, Kiran Narsu, VP of global sales for the Mantas and Reveleus product lines of Oracle’s financial services subsidiary, noted that “recent events in the financial services world have highlighted the correlation between compliance and reputational risk. In the competition for market share, financial institutions cannot risk the damage to reputation and client trust resulting from financial crime and illicit activity.”
Oracle announced earlier this week that the Mantas Behavior Detection system now includes enhanced, enterprise-level case management and event correlation that enables financial firms to more easily integrate data from multiple sources to identify anomalies in behavior across business lines.
On March 16, Broadridge said it has signed a multiyear agreement with Information Mosaic to install the Dublin vendor’s Cama corporate actions software in its back-office service bureau. The arrangement will allow Broadridge to provide “an advanced, real-time global corporate actions managed service to broker-dealers, asset managers and custodians worldwide,” said Broadridge president and COO John Hogan. “Additionally, this alliance will provide a compelling value-added service to our global operations outsourcing clients as we expand our clearing and outsourcing solutions business segment--Ridge Clearing--internationally.”
This article was originally published at SecuritiesIndustry.com.
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