Dovetail, the provider of market leading payment services hub solutions, today announced that BMO Harris Bank has completed a crucial phase of its wire platform replacement project. This phase represents a significant upgrade to improve payment processing across the spectrum for all BMO Harris customers in the U.S. transacting wire payments. Customers can expect enhancements in straight through processing (STP), currency holiday processing, real-time SWIFT debit and credit advices, real-time FX rates, enhanced data reporting and improved visibility into account information.
The new system is generating positive feedback from BMO Harris customers who are citing improvement in STP rates, which have spiked into the mid-90s. Customer receipt of same day SWIFT advices is taking less than 30 seconds performing at best in class levels. In addition, the new system offers noticeable developments to the enrichment and repair of SWIFT payments. BMO Harris has improved overall data richness to help customers reconcile payments more efficiently.
“Our customers are first and foremost at the center of what we do,” said Andrew Irvine, Head of North American Treasury and Payment Solutions, BMO Financial Group. “We take great pride in listening to our customers, understanding their needs and being responsive in order to help them operate efficiently and grow their business. This platform upgrade represents a significant investment in our business and BMO Harris’ commitment to our customers. ”
Moving to the Dovetail system allows BMO Harris to automate labor-intensive activities and make use of improved workflow monitoring tools to help better manage daily volumes. Additionally, the system has improved STP, helping contribute to faster wire payment transactions. Dovetail’s platform sets the foundation for future investment in payment system rationalization that BMO Harris can leverage and prepare for in support of emerging payment capabilities to meet evolving customer needs.
“The benefits of Dovetail’s approach to payment system renovation are evident in the tremendous results achieved with BMO Harris,” said Martin Coen, CEO of Dovetail. “Our modular out of the box payments processing capability enables banks to improve in the short term while working towards an ultimate goal of full legacy replacement. BMO Harris is another example of how Dovetail’s market leading solutions, matched with our implementation expertise have helped radically improve payment capabilities.”