Booking.com Adopts Broadridge Swift SCORE+ for Payment Flows
Booking.com has completed the implementation of Swift SCORE+ services through Broadridge Financial Solutions marking a significant development in corporate payment systems.
The implementation provides Booking.com with enhanced payment visibility and streamlined operations through a standardised connection to the Swift network.
Swift SCORE+, which builds upon Swift's Standardised Corporate Environment, enables corporate institutions to connect to multiple banking partners through a single Swift network connection.
The system utilises ISO 20022 standards—a global messaging standard for financial transactions—and incorporates real-time tracking capabilities.
“SCORE+ marks the most significant evolution for corporates since Swift first opened the doors to the corporate world in the early 2000s for payments and reporting between corporates and their banks,” says Kai Marzenell, Director of Swift Product Management at Broadridge.
“We're proud to be enabling the innovation that is helping corporates modernise their payment infrastructure and drive efficiency and simplification in their operations.”
Payment modernisation
Corporations managing relationships with multiple banks often confront fragmented payment processes, including the requirement to log into various bank portals while dealing with inconsistent formats and limited visibility of transactions.
The implementation allows Booking.com to establish a single Swift-based connection linking to all banking partners for automated payment flows, removing the need for multiple online portals.
The system provides end-to-end visibility on both outbound and inbound transactions, reducing delays and operational risk.
The solution's ISO 20022 compliance ensures regulatory alignment with standardised payment data formats, enabling more transparent transactions.
Additional features include automated exception handling for payment failures and the capability to resolve transaction issues promptly. The system also offers visibility towards end-beneficiary credit confirmations and returns timelines.
Real-time cash reporting capabilities are planned for imminent release, which will provide financial insights that could enhance cash flow management and operational efficiency.
"It has been a great overall experience partnering with Broadridge to improve operational efficiencies and ensuring greater visibility and tracking of cross-border payments"
Corporate payment evolution
Broadridge, listed on the New York Stock Exchange, operates the service through its infrastructure that includes Swift API connectivity—application programming interfaces that allow different software systems to communicate—and management of the complete transaction lifecycle.
"Booking's relationship with Broadridge dates back to almost a decade, starting with leveraging the standardised and secure Swift Gateway, via Broadridge, connecting all the banks across the globe," says Athresh Sudhindra, Treasury Manager for Banking Technology at Booking.com.
"This is further enhanced with Broadridge's SCORE+ solution, allowing Booking to have near real-time tracking and settlement confirmation of cross-border payments.
"It has been a great overall experience partnering with Broadridge to improve operational efficiencies and ensuring greater visibility and tracking of cross-border payments."
Booking.com participated in Swift's Corporate Working Group as a pilot participant, working with Broadridge and Swift to refine the SCORE+ implementation and payment tracking.
The company contributed to testing how the solution enhances standardisation of cross-border payments and multi-bank transaction tracking.
The SCORE+ system aligns with Swift's Cross-Border Payments and Reporting framework, which aims to move corporate entities beyond traditional banking towards an API-driven payment ecosystem.
Broadridge continues to work with global enterprises to facilitate transition to ISO 20022, assisting corporate entities with updating their payment infrastructure for future requirements.
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