Merck Selects Broadridge to Transform Treasury Operations with Real-Time Account Visibility
Rhea-AI Summary
Broadridge Financial Solutions (NYSE:BR) has been selected by Merck to implement Swift's new Instant Cash Reporting service through its Swift Service Bureau and SCORE+ services. The solution will provide Merck with real-time visibility across 400+ global accounts, transforming their treasury operations.
Through Broadridge's platform, Merck will be able to make approximately 900,000 intraday reports annually and retrieve information from up to 1,000 accounts in a single API call. This implementation significantly improves efficiency by eliminating the need for multiple bank-specific API integrations, reducing costs and complexity in treasury management.
Positive
- Selected by major client Merck for treasury operations transformation
- Platform enables retrieval of data from up to 1,000 accounts in a single API call
- Solution will handle approximately 900,000 intraday reports annually
- Demonstrates market leadership in financial technology innovation
Negative
- None.
Insights
Broadridge secures major treasury management deal with Merck, enhancing recurring revenue potential and showcasing advanced API capabilities.
The partnership between Broadridge and Merck represents a significant client acquisition for Broadridge's Swift Service Bureau (SSB) and SCORE+ services. This deal establishes Broadridge as a key provider in Swift's Corporate Evolution initiative, specifically for the new Instant Cash Reporting service that delivers real-time visibility across 400+ global accounts.
The implementation addresses a critical pain point for corporate treasuries – the complexity and cost of implementing multiple proprietary APIs across various banking relationships. Broadridge's solution creates a standardized single channel for real-time account data, significantly improving operational efficiency for large global corporations.
The scale of this implementation is substantial, with Merck anticipating thousands of API calls annually, translating to approximately 900,000 intraday reports. SCORE+'s ability to retrieve information from up to 1,000 accounts in a single call demonstrates Broadridge's technical capabilities in API orchestration and financial data management.
This deal strengthens Broadridge's position in the corporate treasury technology market and demonstrates the company's execution of its strategic focus on providing mission-critical infrastructure to financial services clients. By enabling Swift's Instant Cash Reporting service, Broadridge is expanding its recurring revenue streams while enhancing its value proposition to other potential corporate clients with complex treasury operations.
The mention of actively developing additional API-enabled services signals Broadridge's continued investment in this growth area, with future offerings including Stop & Recall functionality and Payment Preparation tools, creating a comprehensive ecosystem that addresses evolving corporate treasurer needs.
Global science and technology company joins Swift pilot programme, leveraging Broadridge's API orchestration capabilities for on-demand account visibility across 400+ accounts
Broadridge's Swift Service Bureau is extensively proven to deliver fast-track access to the Swift network for the full range of financial messaging including payments, securities, derivatives and corporate actions, consistently delivering highly efficient financial transaction throughput, connectivity and proactive workflow control.
As part of Swift's Corporate Evolution initiative, Instant Cash Reporting marks a significant advancement from traditional next-day reporting. Developed through the Swift Corporate Working Group, where Broadridge serves as a key provider representative, this innovation builds on Broadridge's longstanding commitment to optimizing operations across the financial ecosystem — including its pioneering ISO 20022 migration services for corporates launched in 2007.
"Broadridge has been instrumental in addressing a fundamental challenge in our corporate treasury — the complexity and cost of implementing proprietary APIs across multiple banks," said Johann Lee, Principal Expert at Merck KGaA, Darmstadt,
Following the successful roll-out of payment tracking for inbound and outbound corporate payments, Instant Cash Reporting represents the second major capability delivered through Swift's Corporate Evolution initiative, all able to be harnessed via Broadridge's SSB and SCORE+ services.
"By enabling Merck to access real-time financial data across its extensive banking network, Broadridge is radically changing how global corporations manage their liquidity, and fundamentally enhancing operational efficiency," said Kai Marzenell, Director, Swift Product Management at Broadridge. "The combination of Broadridge's market leading scale and commitment to innovation technology enables us to transform financial operations for corporations across their range of global financial institution relationships."
Looking ahead, Broadridge is actively developing additional API-enabled services to further enhance the corporate payment experience. These forthcoming capabilities include Stop & Recall functionality and Payment Preparation tools, designed to create a comprehensive, end-to-end payment ecosystem that addresses the evolving needs of corporate treasurers across all channels.
Merck requires visibility across hundreds of accounts and anticipates making thousands of API calls annually, translating to roughly 900,000 intraday reports. Thanks to SCORE+, Merck can now retrieve information from up to 1,000 accounts in a single call, dramatically improving efficiency compared to traditional bank-by-bank API implementations.
Unlike traditional treasury management approaches that require multiple bank-specific API implementations, Broadridge's SSB and SCORE+ services simplify Swift integration while reducing implementation costs and complexity.
About Broadridge
Broadridge Financial Solutions (NYSE: BR) is a global technology leader with trusted expertise and transformative technology, helping clients and the financial services industry operate, innovate, and grow. We power investing, governance, and communications for our clients – driving operational resiliency, elevating business performance, and transforming investor experiences.
Our technology and operations platforms process and generate over 7 billion communications annually and underpin the daily average trading of over
For more information about us, please visit www.broadridge.com
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SOURCE Broadridge Financial Solutions, Inc.
FAQ
What new service has Broadridge (NYSE:BR) been selected to implement for Merck?
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