Icon Solutions, an independent IT payment consultancy and specialist technology provider, has launched its Instant Payments Framework (IPF), a software product that expedites financial institutions’ transition to instant payments. IPF was designed to meet the needs of national banks and global bank subsidiaries who regularly find the cost and complexity of current payment hubs excessive.
Instant payments have become a key constituent of digital banking as consumers, businesses, corporates and regulators demand the ability to make and receive payments in real-time. With twenty one domestic instant payment systems already live today across the world and many others in the planning or development phase, it is set to become the standard for payments globally.
Faster time to market due to the pre-built component library, multiple APIs and an SDK with intuitive graphical configuration.
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In order to offer instant payments, banks need to overhaul their current IT infrastructure to integrate with domestic instant payments schemes and operate in an online environment. So far, this has been a slow, expensive and cumbersome process, especially for national banks and global bank subsidiaries which require market specific bespoke development options, the ability to handle transaction volumes cost-effectively and easy integration with internal/external systems without heavy investment.
Existing vendor platforms tend to be inflexible and often hide additional customisation costs, are too expensive to operate especially at smaller transaction volumes, and delay time to market.
Commenting on today’s launch, Tom Hay, Head of Payments at Icon Solutions, said: “With real-time payment schemes going live all around the world, instant is quickly becoming the ‘new normal’ for global payments. Banks of all sizes who have yet to make the transition are under extreme pressure from consumers, businesses and regulators to provide real-time payment services.”
The Instant Payments Framework uses advanced architecture, incorporates proven open source technology, and integrates with existing core banking and back office applications. It is faster to implement because the framework includes an extensive library of pre-built services and can be rapidly connected or extended to suit specific business needs. By extending the life of current systems, rather than adopting a ‘rip and replace’ strategy, business risk is reduced and the investment required is significantly lower.