NEW YORK, Oct. 7, 2020 /PRNewswire/ -- Broadridge Financial
Solutions, Inc. (NYSE: BR), a global Fintech leader, today
announced the global launch of its market-ready Financial Messaging
and Connectivity solution for firms migrating to the new ISO 20022
standard for payments between financial institutions. Broadridge's
mutualized service model provides best-in-class solutions on a
shared cost basis at a time when many banks, market infrastructures
and other financial institutions are planning substantial change
projects to meet SWIFT's start date for adopting the new ISO
standard for cross-border payments, which commences at the end of
2022.
ISO 20022 messages enable financial firms to communicate more
data-rich, detailed and meaningful information in an improved
format. By adopting it as a common language, the payments industry
will benefit from increased accuracy and efficiency, reduced
operational risk exposure and the ability to drive increased levels
of client service.
"Banks are driving for ISO 20022 payments market-readiness in
time for SWIFT's start date, and it's important that they are
well-prepared for a timely and well-controlled migration in order
to realize the benefits, both for themselves and their clients,"
said Andreas Gunther, Broadridge's
executive responsible for financial messaging. "Our solutions
are available now and, because it is part of our mutualized service
model, it will reduce or eliminate the need for clients to carry
out expensive and complex in-house development and upgrades."
The migration to ISO 20022 payment message formats will involve
significant work for the payments industry. In addition to
upgrading their messaging workflows and communications, many firms
will need to apply changes to back-office systems; treasury and
cash management processes; fraud and compliance systems; and
downstream client systems. Changes to business processes and
client services will also need to be considered, and there will be
a widespread requirement for message conversion.
Broadridge's Financial Messaging and Connectivity solution,
FinMApp, is available as a managed service supporting the full
library of payments messages and cash reporting in the new ISO
20022 standard, as well as for the legacy standards currently in
use. Its coverage applies to both SWIFT messages and other
protocols, such as the emerging EBICS protocol used in a growing
number of European markets.
Broadridge also offers a range of complementary market-ready
options for firms switching to ISO 20022, including:
- Message conversion: Agile workflow management tool to convert
any message type into the ISO 20022 standard and help insulate
inflexible core platforms. This includes SWIFT, EBICS and other
protocols.
- Message creation in ISO 20022 format: Tool enabling a firm to
originate messages in ISO 20022 format by sourcing the message data
components directly from the firm's existing core
infrastructure.
- Upgrade to Broadridge's other ISO 20022-ready core solutions:
Full replacement of legacy systems through modern, market-ready
solutions that are ISO 20022-enabled, including for post-trade
processing, reconciliation and transaction reporting.
- Consultancy Services: Broadridge's leading SWIFT-certified
experts and deeply knowledgeable SMEs are highly experienced in ISO
20022 projects for the payments and securities industry, and can
help manage and advise on all aspects of migration from initial
assessment and planning to a seamless and professional transition
and a carefully controlled go-live.
Broadridge has built its in-depth knowledge and experience of
ISO 20022 message protocols through development and deployment of
ISO 20022-enabled payment and securities solutions and active
participation in industry working groups. In addition to its
financial messaging solution, Broadridge has developed ISO 20022
capabilities for a range of securities settlement services in
Europe and Asia Pacific and was also part of the industry
working group for ISO 20022-based proxy voting messages in use
through its Global Proxy Processing solution.
About Broadridge
Broadridge Financial Solutions, Inc. (NYSE: BR), a $4
billion global Fintech leader, is a leading provider of
investor communications and technology-driven solutions to banks,
broker-dealers, asset and wealth managers and corporate issuers.
Broadridge's infrastructure underpins proxy voting services for
over 50 percent of public companies and mutual funds globally, and
processes on average more than U.S. $8 trillion in fixed income and equity
securities trades per day. Broadridge is part of the S&P 500®
Index and employs over 12,000 associates in 17 countries.
For more information about Broadridge, please
visit www.broadridge.com
Investors:
W. Edings Thibault
Investor Relations
+ 1 516-472-5129
Edings.thibault@broadridge.com
Media:
North America
Tina Wadhwa
Broadridge Financial Solutions
+1 212-973-6164
tina.wadhwa@broadridge.com
Europe
Hannah Polson
Cognito
+44 (0) 20 7426 9402
BroadridgeEMEA@cognitomedia.com
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SOURCE Broadridge Financial Solutions, Inc.