Payments are undergoing a significant transformation globally. The payments market, incorporating both consumer and commercial payments is worth over 1.3 trillion dollars annually and is growing strongly at over 6% pa.
Payments may provide a great opportunity for banks, but rapidly increasing consumer and corporate expectations to provide faster, online services at lower costs combined with a changing regulatory landscape, disruptive technologies and new entrants, are all making the market increasingly competitive and challenging on a global basis.
In the US, ACH has replaced check as the highest-volume payment mechanism and is moving rapidly to same-day and real-time payments. PSD2, open API access, Target2, SCTInst and other instant payment initiatives are changing the payments market in Europe. Faster Payments is accelerating the move to real-time in all aspects of transaction banking in the UK.
Banks of all sizes are realizing that the way to address these challenges, and drive greater revenue and better margins out of their payments business, is to invest in their infrastructure. A modern payments back office is no longer merely an option for banks, but part of a bigger strategic digital transformation initiative.
Dovetail provides banks with progressive modernization solutions that deliver significant benefits in relatively short cycles without undue risk.
- The Dovetail Payment Solution is a comprehensive payment processing platform designed for a bank of any size to process anything from a single payment type to multi-country, multi-entity centralizing global payment processing on one platform.
- Designed to support immediate settlement, deferred settlement, and instant payment types.
- Offers an unrivalled suite of CSMs for indirect or direct clearing worldwide, from US, Canada and Mexico to the UK, EMEA, Asia-Pacific and beyond.
- Can be deployed to meet bank operating requirements. Specifically, for instant payments, the Dovetail Payment Solution supports 24x7x365 operating requirements with active-active upgrade capability.
Like all Dovetail solutions, the Dovetail Payment Solution is based on the Dovetail Transaction Architecture. The Solution features a set of core functions common to all banks needing to support processing payments, with additional options for specific business needs, such as high value payment processing, or the provision of agency services. This modular approach allows a bank to deploy the complete Solution or just parts of it, in one or more phases, as dictated by the bank’s market priorities. The modular design also ensures that the Solution can be easily integrated with a bank’s existing systems, reducing implementation effort and accelerating time to market.