Broadridge Financial Solutions has provided its service for connectivity, message processing and workflow management to support banks in utilising SWIFT payments.
The company aims to help financial institutions in their transition to real-time SWIFT payments before the October 2025 European deadline. The initiative follows a strict take-up by European banks, highlighting Broadridge’s commitment to optimising the speed and efficiency of transactions on the continent.
Helping with the transition towards real-time payments
Instant payments will be a regulatory requirement starting October 2025, and financial institutions are actively seeking scalable and cost-efficient solutions to ensure compliance. Broadridge wants to support banks in their transition by minimising onboarding complexity and offering a cost advantage for improved operations and growth.
Broadridge has onboarded seven clients in just five months, enabling real-time payments through collaborations with core banking solution providers like CPB SOFTWARE, and instant payment application providers, such as Foconis. Offering a simple integration with the European Central Bank’s Target Instant Payment Settlement (TIPS) system, the company offered banks a high-availability infrastructure that ensures transactions settle 24/7, with zero downtime.
CPB SOFTWARE mentioned that Broadridge stands out because, unlike most providers who require six months or more per institution, it helped CPB Software’s clients go live in five months, covering multiple banks at the same time. This is a key benefit in the current fast-moving payments environment.
The company’s instructing party model, created in collaboration with the European Central Bank’s TIPS system, drove client adoption, reduced costs significantly, and simplified compliance while minimising time to market. Broadridge’s infrastructure delivers ‘active-active’ failover across two data centres, which ensures uninterrupted service availability, reduced risk, and optimised resiliency by enabling banks to pre-test failover scenarios under real-life conditions.
In addition, Broadridge’s partnerships with CPB SOFTWARE and Foconis have been instrumental in enabling rapid deployment for financial institutions. Broadridge’s solution is built for continuous operation, processing transactions in less than 10 seconds with no downtime, leveraging SwiftNet Instant connectivity for better efficiency. This aims to allow banks to support high-volume transactions for the currency set of instant payment transactions, but also be ready for the future transition.
