Broadridge Financial Solutions Partners with Merck for Enhanced Real-Time Treasury Operations

Broadridge Partners with Merck to Enhance Treasury Operations with Real-Time Reporting

Broadridge Financial Solutions, Inc. announces a strategic partnership with Merck to implement Swift's Instant Cash Reporting service through its Swift Service Bureau (SSB) and SCORE+ services. This collaboration aims to transform Merck's treasury operations by offering real-time, on-demand access to balance and transaction information across more than 400 accounts globally. As a leader in global fintech, Broadridge's SSB is noted for its efficient connectivity to the Swift network, facilitating various financial messaging services, including payments and corporate actions.

The introduction of Instant Cash Reporting represents a substantial advancement over traditional next-day reporting systems. This service has been developed in response to industry needs identified through the Swift Corporate Working Group, with Broadridge playing a pivotal role since the inception of its ISO 20022 migration services in 2007. Johann Lee, Principal Expert at Merck, highlights Broadridge's ability to simplify the complexities and costs tied to implementing proprietary APIs across multiple banking institutions. The SCORE+ platform is designed to standardize the channel for real-time account data, which significantly enhances cash management and payment processing capabilities.

Broadridge's Director of Swift Product Management, Kai Marzenell, emphasizes that this partnership will enable Merck to manage its liquidity more effectively while improving overall operational efficiency. This rollout follows the successful implementation of payment tracking for corporate payments, marking a second major enhancement stemming from Swift's Corporate Evolution initiative. Looking ahead, Broadridge is focused on developing additional API-enabled services that will further enhance the corporate payment experience, reinforcing its role as a transformative force in financial operations for global corporations and their banking relationships.

In other developments, Broadridge has released its sixth annual "DLT in the Real World" report, showcasing significant advancements in the adoption of distributed ledger technology (DLT) and digital assets across global financial markets. The study reveals that 85% of respondents identify intraday liquidity as a key benefit of DLT, with live industry participation surging by 800% since 2020. Notably, 50% of North American firms are now engaged in live DLT or digital asset projects, reflecting a 72% increase from the previous year.

The report highlights Broadridge's Distributed Ledger Repo platform, which processed an impressive $280 billion in average daily repo transactions in August, a significant rise from $45 billion a year prior. This momentum signifies a shift toward operational scalability, as buy-side engagement increasingly drives innovation in the financial services industry. As the market evolves, Broadridge remains well-positioned to lead this transformative journey in financial operations.