Ripple investor SBI chooses Broadridge for settlement

Rick Steves

SBI Securities has expanded its business relationship with Broadridge Financial Solutions to enhance services to its clients and further automate operations across business lines. The brokerage firm is one of Japan’s largest online securities companies and a subsidiary of SBI Holdings, an early ally and investor in Ripple Labs. Ripple has recently gone live with […]

SBI Securities has expanded its business relationship with Broadridge Financial Solutions to enhance services to its clients and further automate operations across business lines.

The brokerage firm is one of Japan’s largest online securities companies and a subsidiary of SBI Holdings, an early ally and investor in Ripple Labs.

Ripple has recently gone live with its On-Demand Liquidity (ODL) in Japan in collaboration with SBI Remit. This means that RippleNet customers can leverage the digital asset XRP to eliminate pre-funding and reduce operational costs, unlocking capital and fuel the expansion of their payments businesses.

RippleNet is a decentralized global payment network that can send and settle global payments on-demand, using rules and standards approved by its members and aligned with ISO 20022 standards.

In this way, RippleNet can cut the settlement period on cross-border payments from three days down to just three seconds, making this process truly frictionless.

SBI Securities to leverage Broadridge’s SWIFT Service Bureau

Under the new partnership, SBI Securities will migrate the post-trade operations of its Hong Kong and Singapore businesses to Broadridge’s cloud-based ASP service in Asia and add new services to automate confirmation and statement output to clients.

SBI Securities will also leverage Broadridge’s SWIFT Service Bureau to automate SWIFT messaging workflows globally directly with its custodian, enabling them to outsource the whole post-trade processing value chain to Broadridge.

Ichiro Takahashi, Head of Global Operations of SBI Securities, said: “To provide attractive investment opportunities to our clients with one of the lowest commission systems in the industry, we are working with Broadridge to further drive digital transformation of our post-trade and SWIFT workflows.

“Broadridge’s global, multi-asset capabilities, together with local presence and expertise in the unique and complex requirements of Japan and Asian markets has been a winning combination for us in support of our business growth plans. We are excited to service our clients more effectively by benefiting from the flexibility, scalability and resilience of Broadridge’s latest ASP service.”

Ian Strudwick, Managing Director, Head of Asia Pacific at Broadridge, commented: “We are very excited to deepen our relationship with SBI Securities and offer the mutualisation benefits of the Broadridge platform, including cost efficiencies, simplified compliance with market change, increased resilience, which will in turn free up time and resources for them to focus on differentiated activities for their clients.

“Our ASP solution enables SBI Securities to centralise their settlement operations, accelerates their move to the cloud and will ensure they always have access to the latest versions of our world-class technologies and increased automation to better serve their clients in the region. We will continue to innovate for our clients with new all-in-one solutions such as the recently launched Post-trade FastStart that cuts cost, simplifies implementation and accelerates time to market.”

SBI Securities is a brokerage firm offering access to equities, futures and options, FX, and fixed income. The partnership with Broadridge aims to enhance its multi-asset capabilities.

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