Payments system provider Dovetail has engineered a solution for UK banks to aid their compliance with the November 2007 deadline for the implementation of the Faster Payments Service, which is designed to facilitate faster clearing times for UK customers.
The Faster Services stipulation, put in place by the payment industry association APACS, requires banks to process payments in near real-time, putting demands on a bank’s existing liquidity management, anti-money laundering and accounting capabilities.
The Dovetail Faster Payments Solution enables banks to meet these requirements by facilitating the accurate management of business flows between banks’ internal systems and the Faster Payments Central Infrastructure and addresses the requirement for high-volume performance for both Single Immediate and Diarised Payments (Standing Orders and other future-dated low-value payments.)
Kevin MacEntee-Creighton, managing director of Dovetail UK said: We have mapped out and implemented the basic payment flows and can deliver a flexible framework to orchestrate integration of our solution with bank’s back office infrastructure and third party components to complete enrichment conditions.
The Dovetail Faster Payments Solution will be released in three main phases with the full product, complete with benchmark metrics, available in September 2006.