Allied Irish Bank wins Celent Model Bank Award for payments transformation with Dovetail Payments Platform from Fiserv
Bank recognized for streamlining payments processing to support its digitalization strategy and deliver a better customer experience
BROOKFIELD, WI (April 27, 2018) — Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced that 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.”
In a world moving faster than ever before, Fiserv helps clients deliver solutions in step with the way people live and work today – financial services at the speed of life. Learn more at fiserv.com.
About Fiserv
Fiserv, Inc. (NYSE: FI), a Fortune 500 company, aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index and has been recognized as one of Fortune® World’s Most Admired Companies™ for 9 of the last 10 years. Visit fiserv.com and follow on social media for more information and the latest company news.
About Allied Irish Bank
Allied Irish Bank (AIB) is a financial services group operating predominantly in the Republic of Ireland. It provides a comprehensive range of services to retail, business and corporate customers, and holds market-leading positions in key segments in the Republic of Ireland. AIB also operates in Great Britain, as Allied Irish Bank (GB), and in Northern Ireland, under the trading name of First Trust Bank. Its purpose, as a financial institution, is to “back [their] customers to achieve their dreams and ambitions.”
About Celent and the Model Bank Program
Celent is a research, advisory, and consulting firm focused on financial services technology. We are part of the Oliver Wyman Group, a wholly owned operating unit of Marsh & McLennan Companies [NYSE: MMC].
Every year, Celent recognizes excellence in technology throughout the insurance and banking sectors through our Model Insurer Awards and Model Bank Awards. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence.
