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Dovetail announces its Canadian Payments Solution for ACSS – future proofed for Canada’s adoption of ISO20022

Dovetail, the provider of market leading payments and liquidity solutions, today announces the availability of its Canadian Payments Solution for ACSS to assist banks in managing the changing payments landscape, including the adoption of ISO20022.

With the migration of Canadian payments to ISO20022 formats, every bank will need to evaluate how to meet these important standards updates. Dovetail supports ACSS in its current form and has the products, knowledge and business expertise to support banks in ACSS’s transition to ISO20022 as part of its core product offering. Coupled with the Solution’s existing support for Canada’s payment systems Dovetail is the only vendor offering comprehensive support for existing and planned standards for the Canadian payments market.

Andy Schmidt, CEB TowerGroup research director Commercial Banking and Payments, commented on the news: “It’s good to see Canada adopting an internationally recognized payment messaging standard - ISO 20022 - as part of a comprehensive strategy to modernizing Canada's payment system. The transition to this standard will create new opportunities for every financial institution, payment service provider and business in Canada.”

Dovetail’s Canadian Payments Solution is market ready, based on the Dovetail Transaction Architecture. The modular design ensures that the solution can be easily integrated with a bank’s existing systems, reducing implementation effort and accelerating time to market. “We see releasing the Dovetail Canadian Payments Solution for ACSS as an important part of our continued commitment to provide the market with CPA compliant payments capabilities. Canadian banks are looking to invest in solutions that provide immediate ROI and a solid roadmap to the future capabilities they will need,” said Martin Coen, CEO of Dovetail.