NatWest partners with Icon Solutions to modernize payment workflows using the Icon Payments Framework (IPF) for SEPA compatibility, low-code development, and enhanced customer experiences.
Facts
- NatWest is collaborating with London-based Icon Solutions to revamp its payment processes.
- NatWest plans to utilize the Icon Payments Framework (IPF) to create a Single Euro Payments Area (SEPA)-compatible payment processing engine.
- Introduced by Icon Solutions in 2016, the cloud-based IPF offers national and global banks a platform for building payment processing solutions, complete with a software development kit and low-code capabilities.
- The framework integrates seamlessly with existing systems, facilitating a swift transition to instant payments.
- NatWest intends to combine the IPF with SEPA Instant capability and its existing credit transfer and direct debit capabilities to improve the end-to-end customer payment experience.
- Ian Povey, CIO of payments technology at NatWest, highlights the framework’s low-code aspect for flexible delivery and feature-rich development.
- The bank aims to address industry challenges, including implementing the UK’s New Payments Architecture (NPA) and global ISO 20022 payment data message standards.
- Tom Kelleher, co-founder and director of Icon Solutions, emphasizes IPF’s role in supporting NatWest’s mission to create a versatile payments platform that connects businesses and individuals, fostering business growth opportunities.
