February 25, 2010

Lloyd's of London has signed a multi-year agreement to continue using Broadridge Financial Solutions' (Lake Success, N.Y.) U.K. retail and private client transaction processing platform, Tarot, on a service bureau basis, according to a Broadridge announcement. Lloyd's has also extended its use of Broadridge's solutions through a SWIFT messaging bureau service that is newly available to Tarot users. Terms of the contract were not disclosed.

Described by Broadridge as a well-established user of the Tarot service bureau, Lloyd's uses the solution to process its members' funds and assets, such as equities, bonds and cash, which are held in custody by Lloyd's both for the UK and international equity and bond markets, according to the vendor.

Tarot enables Lloyd's to benefit from the highest levels of operational efficiency throughout the processing of trade settlement, instructions and corporate actions, together with proactive exception management and workflow support, the Broadridge announcement asserts. Tarot also provides remote access for Lloyd's member agents and corporate members; allows Lloyd's to register members' assets against other members' liabilities; and provides a comprehensive reference data repository, the vendor says.

Lloyd's has commenced live operational usage of Broadridge's newly introduced connectivity to the SWIFT network to process its payments and international trade settlements as part of the custody management services that it provides for its members, enabling it to benefit from higher levels of straight-through processing and reduced manual intervention, according to the Broadbridge source.

"Lloyd's is a prestigious, globally respected organisation, and we are very privileged to have been selected to continue as their service provider," comments Tom Carey, president, securities processing solutions, international, Broadridge. "Lloyd's, and its clients, can depend on our absolute commitment to service excellence, as well as an ongoing investment in our solutions to ensure that we and our clients remain at the forefront of the marketplace."

Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek ...