Misys plc, the application software and services company, enters into a partnership with Dovetail to offer customers packaged payments applications that are pre-integrated with their banking systems. The first such packaged solution is for SEPA Direct Debit. HCL, one of Misys’ strategic partners, is providing its resources to roll out Misys’ applications to modernise payments and messaging infrastructures.
The financial industry has seen a massive growth in global payment volumes in recent years. At the same time messaging standards, such as ISO 20022, technologies like XML and the number of networks that a bank’s core processing systems are required to support have all increased. Initiatives such as SEPA Credit Transfers, launched earlier this year and SEPA Direct Debits due at the end of 2009, have forced financial institutions to review the way they manage payments.
“There is a pressing need for banks to upgrade their infrastructures so that they are fit enough to meet these challenges and remain competitive,” comments Guy Warren, EVP and general manager, Misys banking. “Many legacy systems, such as Merva, BESS and MINT are not able to handle these new volumes and technologies and this is preventing them from being cost competitive in their offering and from capitalising on the opportunity the growth in payments gives them. With FED and CHIPS also planning to move towards ISO 20022 over the next 3 years, banks have to make sure they have a modern, flexible payments and messaging system that will allow them to cope with the fast-paced changes the industry is seeing.”
Misys will take a packaged SEPA DD application from Dovetail, built from components of the Dovetail Payments System, and integrate this with Misys applications and Misys Message Manager. Global deployment will be managed by systems integration experts at HCL. The resulting modern Java EE technology will help banks to automate their payments requirements and increase straight-through processing rates. Banks will be provided with more efficient payments processing capabilities, enabling them to service their customers more effectively and grow their business more rapidly at a lower cost.
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