Hamburg Commercial Bank goes live on Broadridge payments system

Hamburg Commercial Bank has gone live with Broadridge and its Payments-as-a-Service system.

Broadridge deployed its system over a 12-month period

The bank is aiming to switch up its payments processing for corporate clients, with a focus on Target2.

Broadridge says its platform can enable “significantly higher levels of operational efficiency”, and will help the bank meet new regulatory needs.

The system includes Target2 MX and Swift MX modules. Subsequent updates will see compatibility added for SEPA payments and SEPA instant payments.

Stefan Ermisch, CEO of Hamburg Commercial Bank, calls the go-live “another important contribution” to the bank’s ongoing digital change.

The Payments-as-a-Service system is a new product created in partnership with PPI AG. It uses the latter’s payment processing engine and the former’s messaging capabilities.

The platform is hosted in Broadridge’s European data centre and is available on a shared services basis.

PPI CEO Thorsten Völkel says the project at Hamburg Commercial Bank completed over a 12-month period. He adds it was “incredibly well executed”.

Founded in 2003 as HSH Nordbank, Hamburg Commercial Bank offers services in both corporate and private banking. The firm changed its name in 2019 after a sale to new owners. It became the first German client for cloud banking vendor nCino earlier this year.

New clients signed up with Broadridge this year include RBC Wealth Management and BayernLB. The vendor has also completed a series of acquisitions in the last few years, including the buy-up of Alpha Omega announced last month.