Dovetail Systems, Inc. announced today that Envoy, their high-value inter-bank payments and settlement solution, has gone into live production at a premier global German bank. In this first phase of a multi-phase project to transform the Bank's global payments architecture, Envoy is providing Liquidity Management and the Gateway to the Federal Reserve.
The project brings together components developed by Dovetail, third parties and the Bank within Dovetail's Q5 technology infrastructure for secure, flexible, and reliable straight-through processing (STP) of multi-currency payments. Ongoing parallel project phases will replace the bank's New York legacy payments environment and the payment applications currently operating in Europe.
Dovetail's Q5 Intelligent Transaction Processor Platform provides the interoperability clients need to leverage their existing investment while introducing new services and components, as needed, with the phased implementation approach of Progressive Renovation(TM). Q5 facilitates transactional data interchange between standard messaging services, gateways, databases, proprietary systems and legacy systems.
"Progressive Renovation provides a significant competitive advantage to our clients," says Barry Tooker, Dovetail's SVP of Product Management, "by enabling the bank to establish a project implementation schedule that addresses their budget, regulatory and market requirements."
"Many banks are 'rationalizing' and attempting to untangle their mature but complex payments environment that has evolved over many years, platforms, and mergers. This can be a very daunting task," says Bruce Hutcheon, Dovetail's CEO. "Yet as the decision is delayed, the legacy platforms get ever closer to their end of life while the demand for new services and access methods, as well as requirements of new regulations grows daily. Dovetail's component-based architecture provides a truly viable way for providing a logical, risk-mitigating staged approach for replacing business-critical legacy systems."