Broadridge Financial Solutions introduced an instant payment service to enhance the handling of real-time money transfers. The new service promises high resiliency and continuous 24/7/365 operations.
Broadridge's Instant Payments
According to the company's statement, the service reportedly processes payments within 10 seconds. It utilizes Swift Alliance Gateway Instant, a service integrated with SwiftNet Instant for instant payments.
The new service also allows businesses and individuals to access instant transactions for various use cases, from payroll processing to refunds. The system is designed to enhance operational efficiency while improving customer satisfaction.
Speaking about the launch, Heidi Dittmar, the Head of Broadridge’s Swift services business and Country Head for Germany, said: “We are thrilled to introduce our new Instant Payments service, which sets a new benchmark for resiliency and availability in the financial services industry.”
“This innovative technology stack enables businesses and individuals to benefit from instant payments across a variety of use cases, from payroll to refunds, enhancing both operational efficiency and customer satisfaction.”
The launch comes as the European Union implements new regulations that mandate euro instant credit transfers. These regulations aim to promote the use of real-time payments across the region. The changes are expected to accelerate the adoption of instant payments, with compliance deadlines set for 2025.
As the financial services sector evolves, instant payments are becoming the preferred method for recurring transactions such as bill payments. The increasing adoption of "request for payments" technologies is expected to drive the shift toward real-time transactions.
Instant Payments
While Broadridge's focus is currently on the Eurozone, the company is preparing for global expansion to adapt its services to meet evolving regulations worldwide. The infrastructure they've built is scalable and designed to respond to the growing demand for instant payments across different regions.
Broadridge's Instant Payments service, with its state-of-the-art technology stack, will empower banks and payment providers worldwide to deliver faster, more reliable payment solutions.
Recently, Broadridge launched a range of operational resilience services for international post-trade processing. This step aims to curb rising cyberattacks and enable financial firms to navigate the compliance deadline of the European Union's Digital Operational Resilience Act (DORA), which will take effect in January 2025.
