Fintech firm Broadridge Financial Solutions, Inc. announced its collaboration with Germany-based payments consultancy and supplier, PPI AG. The companies have entered a partnership to launch a joint payments initiative for banks and financial institutions in Europe.
Banks currently face major challenges in payment processing, following the recent market changes such as the implementation of PSD2, SEPA ISO migration, TARGET2 and SWIFT ISO20022 migration, while also responding to national payments infrastructure changes and the emergence of new protocols like EBICS. Request to Pay and SEPA IP via TIPS have seen great market demand.
Banks and financial institutions need to use the latest technology and expertise, instead of continuing to invest in proprietary payments infrastructure and operations, if they want to remain agile and competitive. Specialized payments providers are suited to manage the latest technology development and support operations.
Andreas Günther, Managing Director of Data Control Solutions for Broadridge in Germany said:
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. 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.