U.S.-based fintech Broadridge Financial Solutions announced on Monday it has formed a partnership with Germany-based payments consultancy and supplier PPI AG to launch a joint payments initiative for banks and financial institutions in Europe.
Broadridge claimed that the new solution has already secured its first customer, a Europe-headquartered commercial bank active in corporate and private banking.
“Banks are increasingly seeking a mutualized, shared services approach to advance their core payments platform technology and operations; something that previously may have seemed out of reach is now a viable option.”
While sharing more details about the solution, Andreas Günther, Managing Director of Data Control Solutions for Broadridge in Germany, stated:
“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.”
Broadridge went on to add the offering includes core payments processing, a dynamic customer channel and Interbank/CSM connectivity.
“Surrounding the core payments platform, the service offers Anti-Money Laundering and sanctions screening, intelligent reconciliation, transaction monitoring, and exception management.”