2011 2013 2017
September – Dovetail gains its first outside investor, ViewPoint Capital Partners.
2012 Wins first mandate in Canada, from BMO; opens office in Milan and gains Banca Intesa SanPaolo as first Southern European customer.
January – Signs KBC Bank in Ireland.
2014 March – Launches intra-day liquidity monitoring solution for Basel III. 2015
Launches new intelligent routing, repair and enrichment solutions to extend its Smart Middle Office payment management suite Acquired by Fiserv
Product suite
Dovetail has typically focused on the top end of the market, claiming an ability to handle both high-value and high-volume payments on a single system. Its suite runs on Sun, HP, IBM or Microsoft systems, across Oracle and MS SQL Server databases. It is written in Java. Of late, it has sought to componentise parts of its suite to provide point solutions and has also sought to offer a more pre-configured version of the full platform for mid-tier banks. For the Dovetail Payments System, industry interfaces
are provided through gateways, e.g. Swift Gateway. The remaining elements of the system support industry integration protocols and standard formatting, including ISO 20022. Transport is through third party gateways. The system handles a wide range of payments, including high- value (RTGS), low-value (ACH), single and bulk, multi- currency and multi-entity, but excluding card transactions. There is a web-based front-end that supports local and remote payment entry and repair, liquidity management, and exception monitoring. A number of pre-assembled solutions are also offered. These can be used ‘off the shelf’ or tailored to the bank’s infrastructure and needs. All receive payments from multiple systems as either bulk files or individual messages in a variety of formats, and can be integrated with internal systems. The reference solutions include: SCTs, SDDs, RTGS payments processing e.g. Chaps, Euro1, Target2, ACH payments processing e.g. Bacs, Stet, EMZ, Bicomb, SNCE, UK Faster Payments, correspondent banking payments processing, Fedwire and Chips. SEPA support includes all inbound and outbound
‘R’ message processing and provides extensible SEPA qualification rules, including IBAN and BIC checking and extensible routing rules for multiple Clearing and Settlement Mechanisms (CSMs), bilateral and other channels. A Mandate Management module provides a repository for
direct debit mandates and is used by the system to validate collection for both creditor banks and debtor banks with client UI to manage and control their mandates, including creating, amending, cancelling and blocking mandates. The process enables enrichment of the outbound collections with the mandate details as well as capturing mandate details from SEPA transactions. The solution supports both core and B2B and is generic to allow management of other national direct debit schemes.
A Liquidity Manager module monitors liquidity in real-
time, providing a cross-currency, cross-channel view, position management controls, counterparty bilateral limits and dynamic liquidity policies. In October 2010, Dovetail announced a Dovetail Liquidity Dashboard, enabling business users to view, interrogate and analyse real-time liquidity data. In March 2014, it added intra-day monitoring capabilities for Basel III liquidity reporting (to meet the deadline of 1st January 2015).
There is also a Party Search Engine component that queries
reference databases and bank CIFs to identify automatically all related parties, qualify and repair payments and so improve STP.
In terms of scalability, benchmark tests were carried
out in the second half of 2007 with Sun, seemingly for the JP Morgan Chase selection, centred on processing 90,000 high-value payments and 4.3 million low-value payments per hour. In February the following year, Dovetail released the results of a further set of benchmarks with Sun, carried out for another prospective customer. The SEPA-related tests included bulking and debulking ISO 20022 and other file formats, credit transfers and direct debits, IBAN and BIC look- up and validation, regulatory and funds checks, and individual and batch accounting and advising. The mix included large files arriving close to cut-off along with smaller sets of urgent payments. The intention, said Coen, was to show that processing of such traffic worked in practice so that, for instance, urgent payments did not become stuck behind large files. Payment data was held for two months for automatic message matching and user inquiries across current and historical data. And there was simultaneous replication to a disaster recovery site that was 120 km from the main centre. Although not going into detail, Dovetail said the tests were successful, with ‘room to spare’. In July 2015, Dovetail announced the launch of its new
intelligent routing, repair and enrichment solutions to extend its Smart Middle Office payment management suite, allowing banks to solve complex payment business challenges without entering into costly legacy renovation projects. Dovetail’s solutions generally sit between a bank’s initiation channels and its legacy back office systems, serving as a centralized hub for payment processing.
In Nov 2016, Dovetail announced the successful completion of its solutions for the Real-time Payment (RTP) system being developed by The Clearing House (TCH). The RTP system is set to be initially launched in first half of 2017.
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