NatWest has selected Icon Payments Framework (IPF) to accelerate the bank’s payments modernisation as it continues to align with the new global ISO 20022 payment data message standards.
The partnership allows Natwest to initially leverage a Single Euro Payments Area (SEPA) processing engine along with ready-made scheme packs including the recently mandated SEPA Instant capability. This is in addition to existing Credit Transfer and Direct Debit capabilities that provide customers with more choices and establish the foundation for future innovation.
The modernisation will enhance the end-to-end experience for customers as they seek greater flexibility in their initiation of payment flows.
The IPF framework empowers business payment experts via low code to create superior workflows along with enabling software engineering teams to extend and create customizable integrations into existing bank systems.
Ian Povey, CIO Payments Technology, NatWest said, “The low code aspect of the framework (Icon’s IPF) empowers and enables organisations to control its delivery and feature richness while the simple extensibility of the capability allows software engineers to focus on high-value integrations and innovation.”
Tom Kelleher, Co-founder and Director of Icon Solutions added, “The mission at NatWest is to deliver a sector-agnostic payments platform to connect everything to everyone. IPF provides the best practice platform to enable the change the bank is working towards, increasing the opportunity to enhance business growth. The relationship between the two companies is a close one, where we both strive to achieve best practices on a daily basis. There are many challenges and opportunities ahead, such as New Payments Architecture (NPA), which we will face together.”