FinTech: Swift Makes New Services Available Via Broadridge Connectivity

September 18, 2023 | FinTech, News

Swift is offering its Transaction Screening Service and Securities View solutions to more institutions through connectivity with Broadridge.

Broadridge Financial Solutions, Inc. (NYSE: BR) is expanding its offerings by providing access to Swift’s API for Transaction Screening Service and Swift’s new Securities View service. This strategic move aims to offer financial institutions and corporate treasuries enhanced sanctions screening capabilities and improved control over securities settlement processes.

Notably, Broadridge has already secured its first customers for these services, including TÜV Rheinland for Transaction Screening Service and a prominent European private bank for Securities View. Swift’s Transaction Screening Service enables secure screening of incoming and outgoing messages against up-to-date sanctions lists. Meanwhile, Swift Securities View offers end-to-end visibility into securities transactions, allowing market participants to quickly identify and address potential trade risks. (CISION PR Newswire)

The partnership with Swift is crucial for Broadridge as it empowers financial firms to streamline their compliance efforts. Sanctions screening regulations are intricate and constantly changing, making them challenging to navigate. By connecting its customers to Swift’s Transaction Screening Service, Broadridge provides direct access to a centrally managed service, ensuring accuracy and efficiency in transaction screening and sanctions list management.

Heidi Dittmar, head of Broadridge’s Swift services business, emphasized the company’s commitment to delivering timely responses to Swift’s evolving services, ensuring that clients can maximize their business value. Additionally, Broadridge’s support for Swift Securities View enhances the efficiency of securities settlement transactions by providing transparency and facilitating quick exception resolution, ultimately reducing exposure to late settlement penalties.

Broadridge Financial Solutions, a global Fintech leader with over $6 billion in revenues, plays a pivotal role in the financial industry by delivering technology-driven solutions that support business transformation for various financial institutions. Its infrastructure acts as a global communications hub, linking public companies and mutual funds with millions of investors worldwide. This move to offer Swift’s services aligns with Broadridge’s mission to provide critical infrastructure that enhances financial processes and fosters better financial outcomes for its clients.

Related Story:  SWIFT Experiments Show CBDCs, Digital Assets Can Move Cross-Border On Existing Financial Infrastructure

Image Credit: GlassDoor (Broadridge)

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