Allied Irish Bank (AIB) has been named a 2018 Celent Model Bank for its initiative to streamline its payments architecture with the implementation of the Dovetail Payments Platform from Fiserv. AIB was selected for the prestigious recognition from over 170 nominations in the Payments Replatforming category.
“The Model Bank Awards recognize how banks are using technology to change the face of banking,” said Gareth Lodge, Senior Analyst, Celent. “Allied Irish Bank has executed a payments transformation project at a pace unparalleled in the industry. This, along with the scale and complexity of the project, made them a clear winner in a very competitive category.”
Prior to undertaking its transformation project, AIB had a complex payments architecture with several payment engines processing multiple payments types. This created reliability and efficiency challenges. As part of an overall digitalization strategy, AIB identified the need for a simple, efficient and modern payments platform. A consolidated payment engine processing all payment types in real-time, including wire/high-value, ACH and instant payments, all on one platform, with full multi-currency and multi-entity capabilities, would be simpler to support, and easier and more cost effective to update, strategically positioning the bank to execute against new payment initiatives.
“As part of AIB’s digital transformation strategy we needed to modernize and simplify our payments platform in order to provide a more resilient and reliable payments experience for our customers. The Dovetail Payments Platform provides us with an agile technology that allows us to realize our singular payment hub vision,” said Pat O’Sullivan, Head of Retail and Commercial Platforms at AIB.
“Congratulations to Allied Irish Bank. This award is a well-deserved recognition of the intelligent way the bank has developed, and is now implementing, an ambitious and effective payments transformation programme that positions AIB among the top financial services providers in Europe,” said Martin Coen, president, Enterprise Payments Solutions, Fiserv. “We are proud to be helping the bank successfully realize their objective of always being useful, always informing and always providing an exceptional customer experience.”