February 1, 2012
Dovetail signs on Bank of Montreal (BMO) for its payment services hub
LONDON--Dovetail, the provider of next generation payment services hubs, today announces that BMO Financial Group (BMO) has signed a contract and started to implement the Dovetail Payment Services Hub. Dovetail enables organizations to reduce the number of payment platforms they operate, centralize processing of multiple currencies and payment types, increase straight through processing and lower processing costs, and provide better, more holistic real-time information to their clients to help them manage the entire payment process.
The deal expands Dovetail's growing North American client base, and is a landmark in Canada.
The decision to select Dovetail came after an exhaustive process to evaluate market products and implementation capabilities. Moving to a modern hub architecture helps banks leverage enterprise-wide systems (such as liquidity management, risk management and anti-money laundering), that are often duplicated under legacy, siloed system architectures.
Martin Coen, CEO of Dovetail stated, “We are delighted that BMO has selected Dovetail to support the transformation of its payments infrastructure. Dovetail’s proven productized approach allows us to provide a cost-effective, low-risk migration from legacy silo systems to a modern payment services architecture that helps organizations enhance their payment operations and client offering.”