NatWest taps Icon Solutions for payment modernisation
UK high street bank NatWest is tapping London-based Icon Solutions to modernise its payment workflows.
NatWest taps Icon Solutions for payment modernisation
The bank is set to leverage its partner’s Icon Payments Framework (IPF) to develop a payments processing engine compatible with the Single Euro Payments Area (SEPA).
Introduced by Icon in 2016, the cloud-based framework seeks to provide national and global banks with a means of developing their own payment processing solution, and complete with a software development kit, additional modules and a low-code approach, the framework integrates with existing systems to expedite banks’ transition to instant payments.
In this, NatWest has said that it plans to utilise the framework, alongside the recently mandated SEPA Instant capability and its existing credit transfer and direct debit capabilities, to “enhance the end-to-end experience for customers as they seek greater flexibility in their initiation of payment flows”.
Ian Povey, CIO payments technology at NatWest, says the framework’s low-code aspect enables organisations to control its “delivery and feature richness” while acknowledging how its “simple extensibility” affords software engineers the ability to pursue high value integrations and innovation.
The bank will be specifically targeting the current challenges at the forefront of the payments industry with the integration, including delivering the UK’s incoming New Payments Architecture (NPA), which mandates interbank payment capabilities, and the new global ISO 20022 payment data message standards.
“The mission at NatWest is to deliver a sector-agnostic payments platform to connect everything to everyone,” adds Tom Kelleher, co-founder and director of Icon Solutions.
“IPF provides the best practice platform to enable the change the bank is working towards, increasing the opportunity to enhance business growth.”
