Fintech firm Broadridge Financial Solutions, Inc. announced its collaboration with Germany-based payments consultancy and supplier, PPI AG. The companies have entered a partnership to launch a joint payments initiative for banks and financial institutions in Europe.
Banks currently face major challenges in payment processing, following the recent market changes such as the implementation of PSD2, SEPA ISO migration, TARGET2 and SWIFT ISO20022 migration, while also responding to national payments infrastructure changes and the emergence of new protocols like EBICS. Request to Pay and SEPA IP via TIPS have seen great market demand.
Banks and financial institutions need to use the latest technology and expertise, instead of continuing to invest in proprietary payments infrastructure and operations, if they want to remain agile and competitive. Specialized payments providers are suited to manage the latest technology development and support operations.
Andreas Günther, Managing Director of Data Control Solutions for Broadridge in Germany said:
Banks and financial institutions are weighed down by legacy systems supported by a diminishing technology resource pool and need to dramatically reduce their cost/income ratios, all while providing high-quality service for their customers and responding to the velocity of change. Our collaboration with PPI AG creates a timely answer to this with Payments-as-a-Service providing a specialized payments solution that can help banks meet their current needs and challenges and get ready for what’s next.
The new solution has onboarded its first customer, a Europe-based commercial bank active in corporate and private banking. Banks seek a mutualized, shared services approach to advance their core payments platform technology and operations and it may have previously may have seemed out of reach, but is now a viable option.
We are genuinely thrilled to be collaborating with Broadridge again. Payments-as-a-Service can be offered fully or partially for a range of service and solution options, as we know there are different levels of needs across the industry. Our payments platform combines all payment types into a hybrid solution, allowing us to leverage the economies of scale for commodity payment types while still being able to preserve the individuality of banks’ core offerings in international payments. Working with Broadridge enables us to offer banks a leading technology and operations capability, backed by a deep pool of highly experienced payments experts.
Payments-as-a-Service is a hosted payments platform with connectivity to critical payments infrastructures, along with managed services and support by knowledgeable payments specialists. The platform includes core payments processing, a dynamic customer channel and Interbank/CSM connectivity and offers Anti-Money Laundering and sanctions screening, intelligent reconciliation, transaction monitoring and exception management.
Independent writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.