Head Office: 2 Minster Court London, EC3R 7BB United Kingdom Tel: +44 (0) 20 7562 7777 Other Offices: US (Parsippany, NJ), Ireland, Italy, Singapore Website:
www.dovetailsystems.com Contact: Trevor LaFleche Email:
trevor.lafleche@
dovetailsystems.com Founded: 1999 Ownership: Private company, part owned by ViewPoint Capital Partners Number of staff: Around 250, all of whom are working on payment products Principal partners: IBM, Dell, Oracle, Sterci (messaging), Systar (Business Activity Monitoring), Quartet (data analysis) Payments products: Dovetail Payment Services Hub, International ACH and Global High-Value, SEPA Solution for Credit Transfers and Direct Debits, Liquidity Manager Categories: Retail payments processing, wholesale payments, liquidity management
Summary history 1999
2000
April – Dovetail Systems Inc. is set up by two ex-Braid managers, Richard Little (who becomes chairman) and Bruce Hutcheon (president). Long-standing messaging solutions provider, Braid, had recently been acquired by Mercator.
September – Dovetail unveils its Java-based Dovetail Payments System. The search was under way by now for a first taker. The supplier claims active dialogue with one global bank and one ‘super regional’ US bank. Additional funding is announced of $6 million in private investment.
2001 UBS Warburg signs as Dovetail’s first customer, for an implementation in London.
Dovetail gains Merrill Lynch as the first customer for a version of its solution specifically for interfacing with the emerging GSTPA platform, a central development that is meant to bring cross-border straight-through processing for the securities sector. Dovetail is one of the vendors involved in testing the GSTPA platform towards the end of the year.
2002 UBS Warburg appears to give up on its project. There is talk of legal action by Dovetail. With the central GSTPA project faltering (the plug was pulled the following year), Dovetail lays off a number of staff. Although not announced, Dovetail has a major breakthrough as Deutsche Bank signs for its full payments platform. November – It appears that Dovetail and UBS Warburg have reached a settlement.
2003
2004 October – HP announces a wholesale payments solution, HP OpenPayments. It is described as a framework of platforms, technologies, common data models, partner solutions and professional services to enable wholesale banks to integrate, at the enterprise level, key payments operations. Dovetail is one of the partners. Deutsche Bank is believed to have gone live in New York with a first phase of its project at around this time, the first cut-over for the Dovetail platform.
2006 November – Martin Coen joins as CEO. 2007 November – Logica and Dovetail sign a partnership agreement which sees the latter’s payment engine form part of the former’s Logica All Payments (LAPS) initiative. This follows Logica’s failure to rewrite its long-standing Bess and Fastwire systems. LAPS is made up of a number of components, some from Logica, some from elsewhere. The payment solution from Norway-based CBA was meant to be part of LAPS, plus a Business Activity Monitoring offering from Insider Technologies. The first focus with Dovetail was on an iteration of LAPS for wholesale banking, LAPS High Care.
2008
February – Via Logica, Standard Bank of South Africa signs for LAPS, with Dovetail’s payments engine at the heart of the deal. At around this time, Logica also signs a deal to purchase a master licence agreement for Dovetail’s technology. Logica effectively goes its own way with the source code and uses the Dovetail engine as the basis for its high-value payments offering, preferring another system for high volume. JP Morgan Chase signs directly with Dovetail for its payments engine at around the same time.
2008 2009
September – Dovetail forges a partnership with Misys. The latter planned to offer the Dovetail system for payment solutions, starting with SEPA Direct Debits (SDDs).
Dovetail signs a deal with Unisys. In effect, Unisys looked to be changing horses, switching from Clear2Pay in favour of Dovetail to underpin its Open Payments Platform (OPP). Dovetail’s solution would now form the payment hub for OPP.
2010 March – At Standard Bank, a first phase of LAPS with the Dovetail engine goes live for Swift. This covers payments out of the bank’s branch in London as well as some applications in Johannesburg.
2010 December – Misys confirms that there have been no deals as a result of the partnership with Dovetail, citing lack of interest in SDDs.
2011 150 Gains deal from HSBC. Payment Systems & Suppliers Report |
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company details
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