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Dovetail named “Best-in-Class” in three out of four categories in Independent Payment Services Hub Research Report

Dovetail, the leading provider of next generation payment services hubs, today announces that the Dovetail Payment Services Hub has received three “Best-in-Class” mentions in a new CEB TowerGroup Payment Services Hub vendor assessment. In the report, released in June 2013 and covering nine vendors, Dovetail was among the two vendors to receive three “Best-in-Class” rankings. The report marks a turning point in the market. The two top performing vendors were those with solutions designed from the outset on modern, platform architecture. The established legacy vendors, despite efforts to renovate their silo applications, each failed to achieve more than one “Best-in-Class” ranking.

Dovetail was the only vendor to be commended for its ability to provide universal payments support across all lines of business, to support current and future business requirements, and to meet a bank’s tactical needs as well as to deliver on its enterprise payment strategy.

“With margin, regulatory and competitive pressures mounting, an enterprise payment strategy is an increasingly common strategic response from global and regional banks,” said Andy Schmidt, Research Director, Commercial Banking and Payments. “The successful financial institutions are the ones that can develop a solid business case and deploy a solution before the market changes. From our research that is where the evidence of success is critical.

Dovetail’s sole focus on payments is evidenced by its out-of-the-box support for any payment channel or format, as well as the flexibility of its SOA-based framework. Dovetail’s record of successful deployments earned the company a “Best-in-Class” for product maturity and systems integration. The solution’s unique workflow engine and extensibility – including the availability of an SDK to enable banks to proceed at their own pace – were additional factors contributing to its top rating.”

On hearing the news Martin Coen, CEO of Dovetail stated, “Dovetail has been at the forefront of the payments services hub market for several years and we are delighted to receive these rankings. We continually strive to improve our solution and will take the feedback in the one category where we just missed “Best-in-Class” as valuable input to our product roadmap. We believe that our leading position in proven delivery to large and small banks, together with this validation of our product, puts us in an unrivalled position in the market.”