Broadridge Financial Solutions, Inc. (NYSE:BR) announced that Earthport PLC, a financial services company that provides cross-border payment services to business enterprises and banks, has chosen Broadridge’s hosted service for Foreign Exchange and Cash Management processing.
Broadridge’s fully integrated solution will enable Earthport to achieve automation and operating efficiency, seamlessly connecting all processes in the business value chain. As a result, Earthport will be able to handle a significantly larger volume of FXL deals, enabling them to better scale and grow their operation. The solution will eliminate many manual processes and drive higher levels of straight-through processing at Earthport, allowing the business to grow and scale profitability while maintaining tight controls on operations and technology.
Broadridge FXL is a market leading 24/7 FX solution that utilizes a rules- and exception-based system to reduce human intervention. The technology enables clients to rapidly scale to meet their customer needs around FX, options, money markets and cash/liquidity management. The best-in-class, web-enabled solution will allow Earthport to expand services in a controlled environment and incorporate flexibility to enable a fast-track, efficient response to complex market opportunities and regulatory change in multiple jurisdictions.
“Earthport is delighted to have selected Broadridge FXL as the core technology of its next generation treasury management and FX systems,” commented Harold Bosse, Global Head of Product and PMO, Earthport. “Over the last three years Earthport’s transaction volume has grown by nearly 500%, so the need for global scalability and feature richness is clear. Earthport is a fast-moving, dynamic business which services not only some of the largest banks in the world but also some of the leading innovative fintech and ecommerce companies. As a growth stage company with business in 65 countries and rising, the level of complexity and sophistication required to manage the flows is high relative to Earthport's 200-person size. Broadridge offers solutions that can create immediate benefits for our global client base and that serve as a foundational technology for our high-growth future.”
Mike Thrower, Managing Director, EMEA Sales at Broadridge said: “The foreign exchange and cross border payments industry is undergoing major transformation due to market and regulatory changes. We are excited to help Earthport’s fast-growing payment service as they get ready for new challenges and opportunities, and we look forward to helping empower their future growth by optimizing their operational efficiency, navigating operational risk and compliance and enriching their client experience.”