PARSIPPANY, N.J., March 30, 2016 /PRNewswire/ -- 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."
Dovetail provides market ready payments and liquidity management solutions that deliver business agility. These solutions enable banks to differentiate their payments offerings, optimize their liquidity and to provide their customers with a more consistent, efficient and effective payments experience. The solutions are scalable, up and down, across functional and volume needs and offer a high level of personalization. Significantly, they are also based on a single architecture that leverages common investment for the whole Dovetail community. Dovetail's solutions, processes and people enable banks globally to achieve a measurable return on investment, cost control and regulatory compliance, while at the same time address legacy technology challenges.
About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through more than 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. For more information about BMO Harris Bank, go to the company fact sheet. Banking products and services are provided by BMO Harris Bank N.A. and are subject to bank and credit approval. BMO Harris Bank® is a trade name used by BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with approximately 1,600 branches, and CDN $699 billion in assets (as of January 31, 2016).
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