Dovetail, a leading global payment systems provider, today announces the availability of its UK Faster Payments Solution.
The Dovetail Faster Payments Solution supports both Member and Agency Banks and delivers the common payment processing and communications functions that will enable them to meet the demands of the new payment scheme in the required timescales.
APACS (the UK trade association for payments and for institutions that deliver payment services to customers) recently announced that a new Faster Payments clearing and settlement service will be introduced to the UK to facilitate near real-time clearing of internet and telephone banking payments and standing orders for UK account customers. The volume of Faster Payment transactions is anticipated to grow quickly given the uptake by customers to internet banking services.
The implementation timescales are ambitious, as the Faster Payments Service is scheduled to go live in November 2007. UK banks must implement systems to ensure that they (and their customers) are capable of testing against the Faster Payments Service Central Infrastructure early in 2007.
The Faster Payments Service requires Member Banks to clear and settle transactions for bank customers in a near-real-time. It places demands on a bank's existing liquidity management, anti-money laundering and accounting capabilities, as it moves UK clearing and settlement closer to near-real-time processing and more payments move from the current three-day cycle. The Dovetail Faster Payments Solution enables banks to manage the business flows between their internal systems and the Faster Payments Central Infrastructure and addresses the requirement for high-volume performance for both Single Immediate and Diarised Payments (Standing Orders and other future-dated low-value payments.)
"By building upon our existing payment component solutions and focusing on the core Faster Payments processing we are ideally positioned to enable banks to meet the payment scheme timescales," commented Kevin MacEntee-Creighton, Managing Director, Dovetail UK: "We have mapped out and implemented the basic payment flows and can deliver a flexible framework to orchestrate integration of our Solution with bank's back office infrastructure and third party components to complete enrichment conditions. The Dovetail Faster Payments Solution will be released in three main phases with the full product, complete with benchmark metrics, available in September 2006."
Dovetail has formed partnerships with leading Systems Integrators and industry component suppliers to provide an end-to-end solution to financial institutions that will de-risk implementation and improve time to market.
Dovetail is providing solutions for the two major infrastructure challenges facing European banks from 2006 - Faster Payments in the UK and the requirements around SEPA for Euro-related payments.