Industry survey shows 69% of bank payment systems unsuitable for instant payments challenge
08 October 2015
London, UK and Parsippany, New Jersey, US – In a global survey of financial institutions, commissioned by Dovetail and conducted in September 2015, 69% of senior level bankers acknowledged that upgrading their bank’s payment systems to cope with instant payments is one of their key challenges, with only a minority of banks beyond the requirements gathering stage of systems development. Despite this, 66% believe that their bank will have instant payments live within two years.
Martin Coen CEO of Dovetail commented on the survey findings, “Legacy payment systems were simply not architected to handle the requirement of sending or receiving funds 24x7x365. Batch windows, files, legacy standards, long end of day cycles have been the norm. The industry is waking up to the fact that their customers, both retail and corporate, want to be able to move funds as easily as sending an email. The back office payment systems currently in place simply can’t deliver. This survey underscores the extent to which banks globally are now committing to offer instant payments. However, while they are clearly one of the top priorities, with some challenging go live time scales, it’s also clear that the payment systems in most banks aren’t ready, with the majority still at an early stage in their system development planning – so the next few years are going to be very interesting for all of us involved. As a vendor of modern packaged payment solutions Dovetail has been processing payments in real time for over 15 years with an architecture specifically designed with these needs in mind. With our customers processing more real-time payments on our platform than any other and a team of instant payment experts, we look forward to helping banks deliver on this significant challenge.”
A copy of the global survey is available on the Dovetail website, www.dovetailsystems.com and on the Dovetail stand (H30) at the Sibos conference in Singapore – October 12th-15th. The key survey findings will be presented on Wednesday 12th October at Sibos Open Theatre 1 (15:30 Singapore time).