Dovetail, the provider of next generation payment services hubs, is today announcing a significant commitment into Italy to support its existing customers and the wider Italian banking industry.
In the Italian market today, banks are providing sophisticated and integrated solutions for transaction banking and cash management. The burden and rate of change of regulation is increasing, not least with the Payment Services Directive and SEPA, and the market is becoming more competitive. In this dynamic landscape, many Italian banks have a clear vision and strategy for how to evolve their transaction banking services and payment operations. However, at such a key point in market evolution, many of the traditional Italian payment software vendors are without vision and distracted by corporate uncertainty. With legacy systems that lack the flexibility and performance to address today's needs, these vendors risk holding back their banking clients rather than enabling them to lead and gain competitive advantage.
Given the current market dynamic, Dovetail is increasing its commitment to the Italian market by opening a Delivery Centre of Excellence in Milan. This centre will strengthen Dovetail's local support for existing clients as well as supporting banks that are beginning their journey toward a more modern payment infrastructure. Dovetail is also building an ecosystem with Italian partners to support banks in their payment infrastructure transformation.
Dovetail is already active in the Italian market for RTGS and ACH payments - working with one of the largest Italian banks as well as global transaction banks active in Italy. The Dovetail Payment Services Hub supports the richness of domestic Italian payment schemes, the breadth and variation of international payment opportunities, and the rate of change in regulation and value added services. Working with its existing clients, Dovetail continues to make significant product investment in the Italian market to ensure that the Dovetail Payment Services Hub continues to provide market leading capabilities for local instruments as well as regional and global ones.
Martin Coen, CEO, Dovetail commented: "Our work with banks in the Italian market shows their clear vision and ambition to develop world leading transaction banking capabilities. With the forthcoming migration to SEPA and the increasing pace of change in domestic and European payment practices, we are focussed on ensuring our clients take full advantage of this dynamic market. By opening our new Delivery Centre of Excellence in Milan, we are increasing our commitment to this important market so that we can better support a wider range of Italian banks and ensure that their ambitions are not hampered by inadequate or legacy technology."