Dec 22 , 2010
Dovetail Joins International Payments Framework Association (IPFA)
Dovetail, a UK- and U.S.-based provider of payment services hubs, has joined the International Payments Framework Association. The IPFA provides rules, standards, operating procedures and guidelines to improve cross-border payments and the inter-connection of international clearing systems.
According to Barry Tooker, senior vice-president at Dovetail, the IPFA offers a way for banks which don’t have the type of correspondent relationships enjoyed by big banks, to exchange payments on behalf of their corporate clients. During 2010, the IPFA enabled the Federal Reserve Bank of Atlanta, U.S. and European payments processor Equens to successfully exchange both US dollars and Euros.
Plans are underway to include transactions between IFPA members in Brazil, Canada, Mexico and South Africa during 2010-2011 which will take place via the IPFA system.
“Having implemented over 19 connections to national and international high-value and national and regional low-value clearing systems, we understand the complexity and subtleties of the payments world,” Martin Coen, Dovetail’s CEO, said. “We support the IPFA in its objective to increase the interconnectedness of clearing systems around the world and look forward to sharing our experience and learning from IPFA member banks."