Average straight through rate of 99.9%
NEW YORK, LONDON, FRANKFURT and Hamburg, Germany, September 21, 2022 /PRNewswire/ — Hamburg Commercial Bank (HCOB) has successfully completed the transformation of its Single Euro Payments Area (SEPA) payments business into a next-generation, cloud-based platform powered by the leading global Fintech provider Broadridge Financial Solutions, Inc. ( New York stock market :BR). The transition has been made to Broadridge’s Payments as a Service and BPO operation which uses PPI AG’s advanced payment technology. This latest move follows the earlier transition of HCOB’s high-value international TARGET and SWIFT payments which migrated to the Broadridge service in July 2021.
“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 now also been completed,” said Stefan Ermisch, CEO of the Hamburg Commercial Bank. “Our customers across the European region will benefit from HCOB’s reliable, cloud-based technology and excellent service.”
“I continue to be very impressed with the professionalism and close collaboration between all teams – the bank, Broadridge and PPI – in delivering a seamless workflow across all of our payment processing channels, based on a platform scalable technology and outsourcing service,” added Daniel RothHead of Strategy and Transformation at HCOB.
Following implementation, which was completed in less than 12 months, HCOB’s SEPA operation now enjoys a transformational level of operational efficiency and resilience, with an average straight through rate of over 99.9% in the first two months of production. . The bank benefits from this environment requiring very limited manual intervention and a quick and proactive response to resolve exceptions. As part of the implementation of the new payment platforms, the bank also introduced a new EBICS access capability and a new web-based electronic banking channel for all its business customers.
“Increasingly, banks are looking to pool their core payment operations and capitalize on advances in modern technology to improve cost-to-revenue ratios, grow their customer base and avoid the pitfalls of legacy technology,” said Samir Pandiri, Chairman of Broadridge International. “With PPI, it is a privilege to support HCOB in realizing its vision for the future.”
“Building on the success of our first phase which delivered Hamburg Commercial Bank’s global SWIFT payments platform, we are giving the bank and its customers a new modern modular solution that leverages the latest technology,” said said Dr. Thorsten Völkel, CEO, PPI SA.
Broadridge Financial Solutions (NYSE: BR), a world leader in Fintech with $5 billion in revenue, provides the critical infrastructure that powers investment, corporate governance and communications to improve financial lives. We provide technology-driven solutions that drive business transformation for banks, brokerages, asset and wealth managers, and public companies. Broadridge’s infrastructure serves as a global communications hub enabling corporate governance by connecting thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world. Our technology and operational platforms underpin daily transactions in more than the United States 9 trillion dollars stocks, fixed income and other securities globally. A certified Great Place to Work®Broadridge is part of the S&P 500® Index, employing over 14,000 associates in 21 countries.
About Hamburg Commercial Bank
Hamburg Commercial Bank AG (HCOB) is a private commercial bank headquartered in Hamburg. HCOB offers its clients high-level expertise in structuring real estate financing with a focus on Germany and occupies a strong position in the international shipping market. The bank is a pioneer in financing pan-European renewable energy projects and is also involved in the expansion of digital infrastructure. HCOB offers individual solutions for international corporate clients as well as focused corporate activity in Germany. Digital products for reliable and timely domestic and international payments as well as other trade finance solutions also meet the needs of the bank’s customers. HCOB aligns its activities with established ESG criteria and has embedded sustainability aspects into its business model.
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SOURCEBroadridge Financial Solutions, Inc.