13 October 2004
LogicaCMG announced today a global marketing and licensing agreement with Dovetail Systems to transform the payments processes, operations and infrastructure of commercial banks.
LogicaCMG and Dovetail have identified that banks needing to transform their payments operations require a safe and progressive method to deliver business value, renovate current business processes and technology. These changes need to be based upon existing operational capabilities. This alliance brings the complementary skills and strengths of both companies together to implement their shared vision quickly, efficiently and with minimum risk. The risk of change is substantially reduced by implementing a step-by-step change, rather than the one-time ‘big bang’, which many competing technologies demand.
Visitors to Sibos 2004 can see this capability demonstrated at the LogicaCMG and Dovetail stands (LogicaCMG – D068, Dovetail – G126). The combination of the two companies’ strengths provides multi-currency payments processing functionality, capable of operating in both the US and European environments.
LogicaCMG’s All Payments Solution, part of the all-embracing LogicaCMG Payments Architecture (LPA), combines technology from Dovetail with its own components and those from other providers, to enable banks to exploit the changing economics of the payments business.
Nick Caplan, international managing director of LogicaCMG global financial services said "We welcome the addition of Dovetail Systems to the range of providers we have selected in our payments solutions. Banks which have defined a strategy to grow their payments business will need an adaptable cost-effective infrastructure capable of satisfying customers’ demands for new services and the ever-growing burden of regulation in a cost-effective manner. With Dovetail’s capability to deliver increased straight through processing, this alliance provides a platform to meet the challenge."
Richard Little, Chairman of Dovetail, added, "By working with LogicaCMG we can leverage their expertise and reputation for delivery to time and to budget to help banks around the world to transform their payments operations. Our shared approach in managing an effective payments business enables distributed functionality resulting in reduced costs, empowered staff and an improved contribution to profitability."