Hamburg Commercial Bank Transfers its SEPA Processing to Broadridge's BPO Payments Service

Rhea-AI Summary

Hamburg Commercial Bank has successfully migrated its SEPA payments business to a cloud-based platform provided by Broadridge Financial Solutions. This transition, completed in under 12 months, follows the earlier migration of high-value TARGET and international SWIFT payments. The new system achieves an operational efficiency with a straight-through processing rate of 99.9%, significantly reducing manual intervention and enhancing service for European customers. This transformation aligns with banking trends towards modern, scalable technology solutions.

Positive

• Completion of SEPA payments business migration to Broadridge's cloud-based platform.
• Achieved a straight-through processing rate of 99.9% in the first two months.
• Enhanced operational efficiency and reduced manual intervention.
• Introduction of new EBICS access and a web-based banking channel for clients.

Negative

• None.

Average straight-through processing rate of 99.9%

NEW YORK, LONDON, FRANKFURT and HAMBURG, Germany, Sept. 21, 2022 /PRNewswire/ -- Hamburg Commercial Bank (HCOB) has successfully completed the transformation of its SEPA (Single Euro Payments Area) payments business to a cloud-based, next-generation platform run by leading global Fintech provider Broadridge Financial Solutions, Inc. (NYSE:BR). The transition was made to Broadridge's Payments as a Service and BPO operation that uses PPI AG's advanced payments technology. This latest move follows the earlier transition of HCOB's high-value TARGET and international SWIFT payments that 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 of our transformation has now also been accomplished," said Stefan Ermisch, CEO of Hamburg Commercial Bank. "Our customers across the European region will benefit from HCOB's cloud-based, reliable technology and excellent service."

"I continue to be highly impressed by the professionalism and close collaboration between all teams – the bank, Broadridge and PPI – to deliver a seamless workflow across all of our payment processing channels, based on a scalable technology platform and outsourcing service," added Daniel Roth, Head of Strategy & Transformation at HCOB.

As a result of the implementation, which was completed in less than 12 months, HCOB's SEPA operation now benefits from a transformational level of operational efficiency and resilience, with an average straight-through processing rate of over 99.9% during the first two months of production. The bank is benefiting from this environment requiring very limited manual intervention and a fast-track, proactive response to resolving exceptions. As part of implementing the new payments platforms, the bank also introduced new EBICS access capability and a new web-based electronic banking channel for all its commercial clients.

"Increasingly, banks are looking to mutualise their core payments operations and capitalise on the advances in modern technology to improve cost/income ratios, grow their customer base and avoid the pitfalls of legacy technology," said Samir Pandiri, President of Broadridge International. "Together with PPI, it is a privilege to support HCOB in realising its future state vision."

"Building on the success of our first phase which delivered the Hamburg Commercial Bank's global SWIFT payments platform, we are empowering the bank and its customers with a new, modern componentised solution that leverages the latest technologies," said Dr. Thorsten Völkel, CEO, PPI AG.

About Broadridge

Broadridge Financial Solutions (NYSE: BR), a global Fintech leader with $5 billion in revenues, provides the critical infrastructure that powers investing, corporate governance, and communications to enable better financial lives. We deliver technology-driven solutions that drive business transformation for banks, broker-dealers, asset and wealth managers and public companies. Broadridge's infrastructure serves as a global communications hub enabling corporate governance by linking thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world. Our technology and operations platforms underpin the daily trading of more than U.S. $9 trillion of equities, 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 a high level of structuring expertise in real estate financing with a focus on Germany and has a strong market position in international shipping. The bank is one of the pioneers in the pan-European project financing of renewable energies and is also involved in the expansion of digital infrastructure. HCOB offers individual solutions for international corporate clients as well as a focused corporate business in Germany. Digital products for reliable and timely domestic and international payments as well as other trade finance solutions also support the need of the bank's customers. HCOB is aligning its activities with established ESG criteria and has anchored sustainability aspects in its business model.

Investors:
Edings Thibault
Head of Investor Relations, Broadridge
+1 516-472-5129
Edings.Thibault@broadridge.com

Media:
Gregg Rosenberg
Corporate Communications, Broadridge
+1 212-918-6966
Gregg.Rosenberg@broadridge.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/hamburg-commercial-bank-transfers-its-sepa-processing-to-broadridges-bpo-payments-service-301626051.html

SOURCE Broadridge Financial Solutions, Inc.

FAQ

What recent technology upgrades has Broadridge Financial Solutions implemented for Hamburg Commercial Bank?

Broadridge has migrated Hamburg Commercial Bank's SEPA payments to a cloud-based platform, enhancing operational efficiency.

When did Hamburg Commercial Bank complete its SEPA migration to Broadridge's platform?

The SEPA migration was completed in less than 12 months, with the announcement made on September 21, 2022.

What is the average straight-through processing rate achieved by Hamburg Commercial Bank's new SEPA service?

The new SEPA service has achieved a straight-through processing rate of 99.9%.

How does the migration to Broadridge's platform impact Hamburg Commercial Bank's customers?

Customers will benefit from improved reliability, faster processing times, and new banking capabilities.

What are the advantages of the new payments platform for Hamburg Commercial Bank?

The new platform offers transformational operational efficiency, scalability, and a reduction in manual processing.