Broadridge adopts SWIFT gpi for cross-border payments
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Broadridge adopts SWIFT gpi for cross-border payments 21 March 2019New York Reporter: Jenna Lomax
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Broadridge has integrated SWIFT’s global payments platform (gpi) for its corporate clients to enhance the speed, transparency and end-to-end tracking of cross-border payments.
The solution is now available to all SWIFT members through Broadridge’s financial messaging application (FinMApp).
FinMApp delivers transaction monitoring, management, translation and reporting features on international payments.
The solution enables 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 can deploy an end-to-end transaction reference (UETR), required to identify transactions across national borders or to use the UETR created by any other system linked to FinMApp.
The solution has been launched ahead of the 2020 deadline set by SWIFT to transfer all cross-border payments onto its gpi platform.
Alastair McGill, general manager of Broadridge’s data control business, said: “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.”
He added: “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 capitalise on what’s next.”
Andreas Günther, executive director of SWIFT services at Broadridge, said: “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.”
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