News & Events

FOR IMMEDIATE RELEASE: 30th July 2007

Simplex selects Dovetail for its comprehensive pay-as-you-go solution for SEPA and UK Faster Payments

Simplex Consulting Limited announced today that they have entered into an agreement to incorporate the Dovetail Payments System into Simplex's Payment Administration Solution (PayS). The proposition will see the Dovetail Payments System incorporated into the Simplex Service Bureau to provide a comprehensive payments processing solution, including SEPA Credit Transfers and Direct Debits, UK Faster Payments and Liquidity Management Solutions. The service will be available on a pay-as-you-go (ASP) basis that provides a highly attractive and cost effective route to support current and emerging payments schemes.

Bill Peters, Chief Operating Officer at Simplex, said "In adding Dovetail's products to our bureau, we have selected a best of breed solution which further broadens our solutions into the key area of payment processing. We believe that the market is increasingly interested in the rapid deployment capability and sharply reduced up-front cost model which our bureau solutions provide. Organizations facing the challenges of implementing Faster Payments in the UK and SEPA more widely now have the opportunity, through the Simplex Bureau, for a paradigm shift in the way they source and support their back office applications."

Martin Coen, Chief Executive Officer at Dovetail, said "We are delighted to have been selected by Simplex. There is great potential for pay-as-you-go services, and Simplex's bureau is a natural outlet for us, since they already provide outsourced payment messaging services for a number of leading financial institutions. The Dovetail Payments System delivers the multi-entity capability, scalability and ease of integration essential for bureau operations, together with the complete functionality required for SEPA Credit Transfer and Direct Debits, and for UK Faster Payments."

PayS brings together best of breed payments processing applications from Dovetail with leading SWIFTNet connectivity and reconciliation solutions from Sterci SA to provide a holistic payments solution, enabling banks, non-bank financial institutions and corporates to utilize proven components, run as a managed service and offering unrivalled speed to market.

Dovetail provides enterprise-class solutions that support the robust, flexible, scalable, and cost effective processing of banking payments. Founded in 1999 with offices in London and New Jersey, they have delivered innovative solutions to some of the world’s leading banks. The Dovetail Payments System automates the processing of a wide range of payments, from bulk ACH clearing to global RTGS settlement, supporting both straight through processing and manual entry and repair. It is universal, covering wholesale and retail, high value and low value, urgent and non-urgent, single and bulk payments; in multi-currency, multi-company, and multi-entity operations. The secure, Web-based front end allows local and remote payment entry and repair, liquidity management, and comprehensive exception management. The system fully supports ISO 20022 messaging ensuring no truncation of data. It is component based and built on modern open standards and technology to give the greatest flexibility in choice of hardware and technology platform.

About Simplex

Since 1997, Simplex has been recognized as one of Europe's leading STP consultancies. The company specializes in selecting and implementing solutions for the middle and back office for many of the world's leading banks, asset managers and hedge funds. In 2003, Simplex was selected by SWIFT to become an accredited SWIFT Service Partner. In 2004, Simplex launched the UK's first SWIFT ASP-based Service Bureau. At the beginning of 2005 Simplex announced unique ASP propositions: Simplex's Payments Administration System (PayS) for Banking & Corporates provides a range of payments related services including Message Transformation, Invoice Matching, Manual Payment Creation, Payment Authorization, Delivery, and Reporting. Simplex's Securities Administration Solution (SecAS) for the securities market provides modules for corporate actions, Electronic Trade Confirmation (ETC), Electronic Trade Delivery (ETD), Reconciliations, and SWIFT.

Press Contact

In the UK:
Peter Cremona
Director, European Business Development
+44 20 7997 1200
E-mail: petercremona@dovetailsystems.com

In the US:
Barry Tooker
SVP Product Management
1-973-882-9922 x240
E-mail: barrytooker@dovetailsystems.com

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