UDICo Announces Partnership with Dovetail Systems to Deliver SWIFT 15022 Message Types
New York, June 18 2002 - Universal Data Interface Corporation, an XML and Web Services middleware company, and Dovetail Systems, a leading provider of automated Straight Through Processing (STP) systems for both Securities Settlement and Interbank Funds Transfer, announced the signing of a partnership agreement today. As part of the partnership Dovetail Systems will use UDICo's integration toolkit, TierBroker, to generate and deliver SWIFT 15022 messages as part of the Dovetail Settlement System.
The new SWIFT standard requires financial institutions to be able to send and receive the new message format by November 2002. The rapid implementation of the messaging standard will allow Dovetail and UDICo customers to improve their straight through processing (STP) capabilities, enhancing the quality and speed of data throughout the securities transaction flow.
In addition to using UDICo technology for ISO 15022, Dovetail will deploy TierBroker as its data connectivity engine. The STP company plans to use TierBroker to integrate its Dovetail Settlement System with customer systems in an easy and efficient manner. TierBroker can process high volumes of data and transactions regardless of the type of system the information is coming from or going to. The product's versatility allows companies to gain extra utility from their legacy systems, in a cost effective manner. TierBroker has a history of deployment in some of the largest Global Financial Institutions.
"Like TierBroker, Dovetail Systems has developed a product that is world class," said Adam Greissman, UDICo's founder and CEO. "Partnering with Dovetail improves our customers performance for straight through processing and enables us to complete SWIFT projects that our competitors cannot touch, with an affordable and quick solution as proven with our recent project with a West Coast Investment Manager."
"Being able to leverage UDICo's sophisticated and mature technologies, particularly in the parsing and rendering of ISO 15022 messages as well as their various off-the-shelf integration interfaces, gives Dovetail a real benefit. This allows us to continue to concentrate on the functions that distinguish us from our competition - managing and monitoring the state of the higher-level business transaction." says Bruce Hutcheon, President of Dovetail Systems.
About Universal Data Interface Corporation (UDICo)
UDICo is an emerging leader in the data integration needs of today's growing businesses. Founded in July 2000, UDICo's goal is to provide business with data without borders; data that can be used quickly, openly, and seamlessly across disparate systems and allow IT departments to get back to mission critical projects without having to take the time and trouble to custom code solutions to myriad middleware solutions. UDICo is based in New York City and is privately held. For more information, visit www.udico.com.
About Dovetail Systems
Dovetail Systems was founded in 1998 to provide advanced software products focused on the Securities and Payments services industry. Through the use of Java EJB Application Server technology, Dovetail's software products dramatically improve the speed, scalability, reliability, and security of real-time STP systems.
Dovetail is in its fourth year and is led by financial technology professionals averaging over 20 years of experience in large enterprise computing. Dovetail is providing successful solutions to several of the world's largest financial institutions. These include the Dovetail Settlement System for GSTPA and OMGEO. For more information, visit www.dovetailsystems.com.