Bank of Montreal (BMO) has signed a contract to implement the Dovetail Payment Services Hub after the vendor won a competitive tender process. The installation, which is underway and will complete in 2012, will enable BMO to reduce the number of payment platforms they operate, centralise processing of multiple currencies and payment types, improving treasury control, and increase the straight through processing capabilities of the bank, while simultaneously lowering processing costs via improving economies-of-scale.
The project is also expected to provide better, more holistic real-time information to BMO’s corporate clients to help them better manage the entire payment process and financial supply chain. Moving to a modern hub architecture helps banks leverage enterprise-wide systems, such as liquidity management, risk management and anti-money laundering, that are often duplicated under legacy, siloed systems – and should theoretically assist corporations’ ease-of-business interactions with banks.
The deal is a landmark win for Dovetail in Canada, with nothing of a similar size being achieved previously, and the vendor hopes it will spur its aim of growing its North American client base.
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