Dovetail Systems has launched its flagship product – The Dovetail Payments System. This new product is designed for financial institutions to handle all inter-bank payments and funds transfer types, including new standards such as CLS, SWIFT MT103, and those emerging from global e-commerce.

Through the use of the latest application server techniques, Dovetail’s technology improves the speed and security of the electronic transfer of funds between banks and other institutions. The Dovetail Payments System is designed to utilize new, open platform technologies, including Java and EJB application servers. This approach allows flexibility in the choice of hardware and operating system, and provides the scalability and high availability necessary to meet the volume requirements of even the largest international banks and other financial institutions.

“The vast majority of all high-end payments products available today are on legacy platforms and have designs focused on automating wire room procedures,” said Bruce Hutcheon, president of Dovetail. “In our Dovetail Payments System product we have produced an open, e-finance platform solution that will virtually eliminate the wire room. Using EJB and Web browser technology, we will constantly and dynamically evolve the business rules to enhance automatic straight through processing and empower the originator to fully qualify and monitor their own payments. Both these developments represent a major shift in the development of payments processing technology.”