HSBC, Europe’s largest bank, embarks on European volume payments programme with Dovetail

01 March 2012

Dovetail, the provider of next generation payment services hubs, today announces that HSBC is implementing the Dovetail Payment Services Hub for its European Volume Payments System. The Dovetail Payment Services Hub will initially process SEPA Credit Transfers and SEPA Direct Debits as well as automatically managing both Debtor and Creditor mandates for 11 countries. The project supports HSBC’s expanding European presence and underscores the bank’s readiness for, and commitment to, the upcoming SEPA end-date regulation.

From the very outset of the SEPA initiative, HSBC has been committed to building an unparalleled business capability to serve the needs of their European and global corporate and retail customers. With the certainty of the SEPA end-dates now in sight, HSBC customers are looking at how they can rationalise and streamline their payments operations in the Eurozone in the post-end-date world. This project reinforces HSBC’s leadership in delivering unparalleled clearing services and value added capabilities.

Martin Coen, CEO of Dovetail, stated: “With significant pan-European domestic volumes and commitment to the region, we are very pleased to be working with HSBC to help support their mass payments needs. Dovetail’s proven productised approach and scalable modern architecture means we can tailor both the product and the processing capability to meet HSBC’s operational needs today, as well as their strategic needs and anticipated growth in the future.”

Europe’s largest bank as ranked by the 2011 The Banker Top 1000 Tier 1 Capital