KBC Bank Ireland deploys Dovetail for SEPA
16 May 2013
Dovetail, the provider of next generation payment services hubs, today announces that KBC Bank Ireland has selected, implemented and gone live with SEPA Credit Transfers on the Dovetail Payment Services Hub.
The other functionality on the Payments Hub is scheduled to go live in stages in H1 2013. The KBC Bank Ireland programme is a rich SEPA solution supporting full SEPA Credit Transfer and Direct Debit processing for mandate management, full Debtor and Creditor Services as well as automatic processing of all ‘R’ messages from clearing channels and clients. The implementation was based on Dovetail’s standard SEPA Reference Solution and took three months from initial kick-off to live operation.
This initiative supports the bank’s recently launched retail services in Ireland and positions the Bank to extend their payment services to other currencies both domestically and cross border.
After a comprehensive market evaluation of vendor software and outsource solutions, Dovetail was selected for having a truly product based solution with advanced payments capability, as well as an unrivalled, proven delivery track record in critical payments transformation projects.
“The Dovetail differentiator was their ability to provide a rich and configurable solution that substantially met the needs of KBC Bank Ireland. Using the Core product we quickly understood where KBC Bank Ireland was unique and made adjustments to the system configuration as required. This approach enabled us to avoid the two main pitfalls in such a potentially complex project — building a custom solution in toolkit technology or making significant customisations in code. Both pitfalls add cost, time and most of all risk to projects. The speed of implementation and success of the project to date validates our decision to pick Dovetail’s Payment Hub solution.” said Eamonn Tuffy, Head of Operations at KBC Bank.
Martin Coen, CEO of Dovetail, commented on the news: “The advantages of selecting a fully productised payment solution are paying dividends for large and small banks. Working with Dovetail, KBC Bank Ireland has been able to use a tactical need in SEPA compliance as its opportunity to implement a rich, strategic solution that will enable it to compete longer term in payments. By realising this opportunity, KBC Bank Ireland has avoided a common pitfall of throwing good money after bad on tactical, sticky plaster solutions that increase operational risk and reduce competitiveness.
KBC Bank Ireland joins the growing community of institutions building a competitive and cost-effective payments strategy with Dovetail. We are immensely proud of the efforts of both our project teams.”