Dovetail, the provider of market leading payments and liquidity management solutions, announces today new intelligent routing, repair and enrichment solutions to extend its Smart Middle Office payment management suite, allowing banks to solve complex payment business challenges without entering into costly legacy renovation projects.
Global electronic payment volumes are projected to more than double over the next decade. However, per transaction revenues are decreasing and, in an increasingly competitive market, banks are under pressure to drive up efficiency while at the same time differentiate by bringing new products to market faster, with better customer service. Although experts agree that investing in a single payments processing architecture is the best strategy to address these challenges, replacing legacy infrastructure takes time and may not be an option for some banks in the short term.
Fortunately, Dovetail offers a way forward. Dovetail's intelligent routing, enrichment and repair solutions sit between a bank's initiation channels and its legacy back office systems, serving as a centralized hub for payment processing. The plug-in architecture ensures that complex payment management requirements can be addressed without customizations. Straight-through processing is boosted by centralizing and consistently applying payment reference data and smart repair algorithms, and customer service responsiveness is enhanced by enabling operators to view and manage all payment activity in a single system, regardless of channel source or clearing destination. Most importantly, banks can deploy these solutions with minimal impact to existing infrastructure, reducing implementation effort and accelerating time to market.
Martin Coen, CEO of Dovetail, said, "Our clients are realizing significant business advantage by implementing our Smart Middle Office Solutions. One leading regional transaction bank reduced correspondent routing changes from months to days. With our Solution they replaced over a thousand hard-coded legacy system rules with under a hundred … all easily configurable through Dovetail's intuitive user interface. Another was able to respond rapidly to the cross-border payment automation demands of the US Dodd-Frank law. Other clients significantly reduced customer service response times for payment inquiries. With the right solutions all banks are capable of realizing these types of benefit."
Contributed | what does this mean?