Broadridge and PPI AG to roll out Payments-as-a-Service solution

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Broadridge today announced a collaboration with Hamburg-based payments consultancy and supplier, PPI AG in a bid to launch joint payments initiative for banks and financial institutions in Europe. The company aims to help banks currently facing challenges in payment processing due to the implementation of PSD2, SEPA ISO migration, TARGET2 and SWIFT ISO20022 migration, along with the emergence of new protocols such as EBICS.

“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,” said Andreas Günther, Managing Director of Data Control Solutions for Broadridge in Germany. “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 Payments-as-a-Service solution has been selected by Europe-based commercial bank active in corporate and private banking. According to Broadridge, Payments-as-a-Service is a modern, hosted payments platform with connectivity to critical payments infrastructures, together with managed services and support by payments specialists. 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.

“We are genuinely thrilled to be collaborating with Broadridge again,” said Dr. Thorsten Völkel, CEO of PPI AG. “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.”