Broadridge Financial Solutions has integrated SWIFT global payments innovation (gpi) for its corporate clients and is now on-boarding users. The solution, introduced to enhance the speed, transparency and end-to-end tracking of cross-border payments, is now available through Broadridge’s financial messaging application (FinMApp) to all SWIFT members.
Broadridge Integrates SWIFT Global Payment Innovation (gpi) to Bolster Cross-border Payments Offering
March 21, 2019
NEW YORK, N.Y. – March 21, 2019 – Broadridge Financial Solutions, Inc. (NYSE:BR), a global Fintech leader and part of the S&P 500® Index, has integrated SWIFT global payments innovation (gpi) for its corporate clients and is now on-boarding users. The solution, introduced to enhance the speed, transparency and end-to-end tracking of cross-border payments, is now available through Broadridge’s financial messaging application (FinMApp) to all SWIFT members.
Having successfully integrated SWIFT Standard Release 2018, Broadridge clients can access the market infrastructure’s gpi technology through FinMApp, which delivers transaction monitoring, management, translation and reporting features on international payments to over 100 multi-national organizations. The move comes well in advance of the 2020 deadline set out by SWIFT to transfer all cross-border payments onto its gpi platform.
Broadridge’s cloud-based platform FinMApp, will enable corporate and financial institutions to track cross-border payments in real-time, receive status updates and notifications on applicable costs and charges. Through FinMApp, Broadridge clients are now additionally able to deploy a UETR - a unique end-to-end transaction reference - required to identify transactions across national borders or to use the UETR created by any other system linked to FinMApp.
The move follows the successful completion of a SWIFT pilot, which focused on how banks and corporates can use its gpi technology to further streamline cross-border payments.
“SWIFT gpi has dramatically improved tracking and monitoring capabilities since its 2017 launch and played a significant role in alleviating friction in cross border payments,” said Alastair McGill, general manager of Broadridge’s Data Control business. “We can now help firms increase operational efficiency and reduce risk by offering gpi through FinMApp, helping all SWIFT members get ahead of today’s challenges to capitalize on what’s next.”
“By adding gpi information to FinMApp, Broadridge clients receive greater visibility into their payments through increased tracking capabilities and can manage risk more efficiently through the payment life cycle,” commented Andreas Günther, executive director of SWIFT Services, Broadridge.
Broadridge Financial Solutions, Inc. (NYSE: BR), a $4 billion global Fintech leader and a part of the S&P 500®Index, is a leading provider of investor communications and technology-driven solutions to banks, broker-dealers, asset managers and corporate issuers globally. Broadridge’s investor communications, securities processing and managed services solutions help clients reduce their capital investments in operations infrastructure, allowing them to increase their focus on core business activities. With over 50 years of experience, Broadridge’s infrastructure underpins proxy voting services for over 50 percent of public companies and mutual funds globally, and processes on average more than US $5 trillion in fixed income and equity trades per day. Broadridge employs over 10,000 full-time associates in 18 countries.