Hamburg Commercial Bank completes cloud migration of SEPA payments

Hamburg Commercial Bank (HCOB) has partnered with fintech Broadridge to migrate its Single Euro Payments Area (SEPA) payments business to a cloud-based platform.

Broadridge’s cloud-based platform now hosts HCOB’s SEPA payments business

The transition to payments as a service and business process outsourcing (BPO) from Broadridge, as well as payments technology from German software provider PPI AG, has boosted operational efficiency and resilience, with a rate of average straight-through processing of more than 99.9% during the first two months of production, says HCOB.

Broadridge Chairman Samir Pandiri said: “Increasingly, banks are looking to pool their core payment operations and capitalize on advances in modern technology to improve cost/revenue ratios, grow their customer base and avoid the pitfalls of legacy technology.”

As part of the implementation, HCOB also introduced a new EBICS access capability and a new web-based electronic banking channel for all of its business customers.

EBICS, Electronic Banking Internet Communication Standard (EBICS), is a German transmission protocol that allows companies to interact directly with their banks.

Stefan Ermisch, CEO of HCOB, said: “With the successful and timely completion of this second and final phase of our payments migration to Broadridge’s SWIFT and SEPA platform, this important milestone in our transformation has also been achieved. .”

The implementation was completed in less than 12 months and follows the transition of HCOB’s international TARGET and SWIFT payments which migrated to the Broadridge service in July 2021.

Daniel Roth, head of strategy and transformation at HCOB, said the implementation enabled “seamless workflow across all of our payment processing channels, based on a scalable technology platform and customer service.” ‘outsourcing’.

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