Broadridge Financial Solutions announced the launch of its highly resilient and scalable managed service for connectivity, message processing and workflow management for instant payments. The Broadridge service supports real-time money transfers, operating 24/7/365, with transaction processing times of under 10 seconds from payer to beneficiary.
Broadridge’s Instant Payments Service utilizes the Swift Alliance Gateway Instant (AGI), which offers a highly resilient infrastructure designed specifically to support instant payments messages, connecting with SwiftNet Instant to offer 24/7 availability and continuous and efficient exchange of instant transactions.
Heidi Dittmar, head of Broadridge’s Swift services business and country head for Germany, said in a statement: “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 of Broadridge’s service aligns with the EU’s Instant Payments Regulation mandating the facilitation of euro instant credit transfers. These regulations are expected to accelerate the adoption of instant payments across Europe, with key compliance deadlines set for 2025. Broadridge’s infrastructure supports these requirements in full, ensuring financial institutions are well-positioned to meet the new standards.
Instant payments are expected to become the industry standard, particularly for recurring transactions such as bill payments. The growing adoption of request for payments is anticipated to further drive this shift, making instant payments the preferred method for financial services.
While currently focused on the Eurozone, which encompasses 20 countries, Broadridge’s Instant Payments service is well-positioned for global expansion as it adapts to evolving regulatory requirements and growing customer demand worldwide.
Kai Marzenell, director of Swift Product Management at Broadridge, said in a statement: “Our Instant Payments service not only enables compliance with new EU regulations but also positions banks and payment service providers to capitalize on future innovations in the global payments ecosystem.”