Broadridge Integrates SWIFT Global Payment Innovation (gpi) to Bolster Cross-border Payments Offering

NEW YORK, N.Y. – March 21, 2019 – Broadridge Financial Solutions, Inc. (NYSE:BR), a global Fintech leader and part of the S&P 500® Index, has integrated SWIFT global payments innovation (gpi) for its corporate clients and is now on-boarding users. The solution, introduced to enhance the speed, transparency and end-to-end tracking of cross-border payments, is now available through Broadridge’s financial messaging application (FinMApp) to all SWIFT members.

Having successfully integrated SWIFT Standard Release 2018, Broadridge clients can access the market infrastructure’s gpi technology through FinMApp, which delivers transaction monitoring, management, translation and reporting features on international payments to over 100 multi-national organizations. The move comes well in advance of the 2020 deadline set out by SWIFT to transfer all cross-border payments onto its gpi platform.

Broadridge’s cloud-based platform FinMApp, will enable corporate and financial institutions to track cross-border payments in real-time, receive status updates and notifications on applicable costs and charges. Through FinMApp, Broadridge clients are now additionally able to deploy a UETR - a unique end-to-end transaction reference - required to identify transactions across national borders or to use the UETR created by any other system linked to FinMApp.

The move follows the successful completion of a SWIFT pilot, which focused on how banks and corporates can use its gpi technology to further streamline cross-border payments.

“SWIFT gpi has dramatically improved tracking and monitoring capabilities since its 2017 launch and played a significant role in alleviating friction in cross border payments,” said Alastair McGill, general manager of Broadridge’s Data Control business. “We can now help firms increase operational efficiency and reduce risk by offering gpi through FinMApp, helping all SWIFT members get ahead of today’s challenges to capitalize on what’s next.”

 “By adding gpi information to FinMApp, Broadridge clients receive greater visibility into their payments through increased tracking capabilities and can manage risk more efficiently through the payment life cycle,” commented Andreas Günther, executive director of SWIFT Services, Broadridge.

The latest annual brand study reveals how managers can succeed in Europe and that size does not matter when it comes to building brand credibility. The brands that made the biggest gains had varied backgrounds, product scale and investment expertise, and all demonstrated high conviction stories to engage the industry’s most influential fund buyers. U.S. asset management giants BlackRock, JP Morgan and Fidelity are Europe’s best known third party brands and all held on to their leadership positions, whilst the multi-affiliate group, Natixis, jumped 11 places, closing in on a position in the ranks of the elite top-ten. Joining Natixis as groups with the biggest brand momentum were Pictet and Robeco – all three enjoying significant improvements to the Total Brand Scores^[1] on which the FB50 rankings are based.

Below the top tier, the fastest rising brands included a number group of U.S. managers - Morgan Stanley, T Rowe Price and Wellington Management being the most prominent. 

Commenting on the latest results, Diana Mackay, managing director, Broadridge Global Distribution Solutions said: “This year’s brand rankings prove, more than ever before, that brand success in Europe is not simply about scale, price and performance. Mifid 2 has had a disruptive effect on the industry bringing price to the fore in fund selection and this is a direct route to commoditization. Active managers now need to work even harder to develop propositions and personalities that fund buyers and their clients will see as authentic and want to connect with. It is the difference between ‘love’ and ‘like’. An enduring brand is one that is loved for who it is rather than liked for what it does. The U.S. groups that are in the lead or rising fast have all taken this extra step to connect, although significantly it is the European houses that have take the lead in adopting authentic SRI credentials”

Additional findings from this year’s study include:

• Why BlackRock, despite a fall in brand score, is the top brand with European third-party fund selectors.
• How the top four cross-border brands hold on to their positions despite the gap narrowing between the giants and the mid-sized groups.
• Assessment of brand development by lesser known U.S. names in Europe: Capital Group, Morgan Stanley,T Rowe Price and Wellington Management.
• The influence of SRI on brand and why it is an Achilles heel for many of the largest U.S. players while smaller groups and thematic specialists continued to build brand momentum in this space.
• The enduring popularity of investment specialists, which feature heavily in the boutique rankings with Sweden’s Lannebo Fonder taking pole position for the fourth year in a row. Recognition for local knowledge, appealing products and client support helped it stay ahead of the French manager, Moneta.

Asset managers, consultants and other industry stakeholders interested in receiving the in-depth FundBrand 50 analysis can visit fundbuyerfocus.com/fb50 for more information.