Dovetail, a leading provider of market ready payment and liquidity management solutions will open a Canadian office in Toronto as Canadian banks focus on improving the customer experience and revenue potential of their payments lines of business.
A recent report on the Canadian banking market points out that, "Banks may not have much pricing leeway to compete for customers so they will have to focus their attention on customer experience and product innovation." In addition, the Canadian banking industry is moving towards greater global and domestic interoperability for its clearing and settlement systems. With the adoption of ISO20022 Canadian Banks are now making strategic investments in payments and transaction banking to stay ahead in the domestic market and at the forefront of the global industry.
The Dovetail office is being opened on the back of several successful projects with leading Canadian banks and will serve as a "forward base" for global resources as the projects progress and go live.
On the news, Martin Coen , Chief Executive Officer at Dovetail commented: "Banks don't replace payment systems every day. When they do, it is a long term commitment and we see Canada as a key investment area for us. As the only vendor in the market to support ACSS, LVTS and international payments all on a single payment platform, we look forward to furthering our partnerships with the Canadian banks as they go through the process of modernizing their payment systems."
Dovetail's move into Canada comes just 12 months after the opening of a Singapore Office and the creation of a centre of expertise in Milan, Italy . These offices complement the main offices in London and New Jersey .