Icon adds real-time capability

Why Icon’s IPF should be on your radar – according to Ovum

London, 13 April 2017Ovum releases: On the Radar – Icon Solutions adds real-time capability to existing systems, which evaluates Icon’s Instant Payments Framework (IPF).This is the latest release in their series of research that identifies innovative products and business models.

On reviewing IPF, Ovum state that:

“…adding new instant payment schemes to old platforms does not address the fundamental problem. Icon’s approach is to provide a bypass: payments that can be, or need to be, processed through a specific route for reasons of value or security, or to meet SLA requirements, pass through the existing platform; those that need to use an instant payment route are taken through the IPF and routed to the appropriate scheme. It is a simple, practical solution intended for rapid, low-cost deployment.”– Ovum “On the Radar” Report

Key Messages

IPF is designed to integrate into existing systems using a library of 100+ industry-standard protocols for reduced complexity and faster time to market.

IPF supports 24×7 availability with stand-in processing when legacy systems are unavailable.

A graphical design tool allows configuration of existing processing templates or the creation of new flows.

Automated Java code generation and testing using an open source reactive framework canspeed time to market and reduce the cost of implementation and change.

Why put Icon’s IPF on your radar?

Payments processing is inexorably moving toward real-time as the norm rather than the exception, posing banks with existing legacy systems challenges of integration and management on the technical side and liquidity management on the compliance side. Hitherto, payment hubs have addressed the integration issues, but adding new instant payment schemes to old platforms does not address the fundamental problem.

Icon’s approach is to provide a bypass: payments that can be, or need to be, processed through a specific route for reasons of value or security, or to meet SLA requirements, pass through the existing platform; those that need to use an instant payment route are taken through the IPF and routed to the appropriate scheme. It is a simple, practical solution intended for rapid, low-cost deployment.

On the Radar – Icon Solutions adds real-time capability to existing systems. Download the full report here.

 

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Media Enquiries

Icon Solutions

CCgroup for Icon Solutions

Abbie Godward

T: +44 203 824 9200

E: Icon@ccgrouppr.com

 About Icon Solutions

Icon is an independent award winning IT payment consultancy and specialist technology provider serving global financial institutions. From IT strategy, architecture and design, to project delivery and software development, Icon enables institutions to rapidly capitalise on the latest innovative technology and market drivers to reduce costs, boost revenues, and ensure compliance with regulatory and industry standards.

Icon’s critical advantage is having the combination of consultancy skills, project delivery experience and a deep expert knowledge of both technology and the financial services domain, evidenced by longstanding client relationships with global blue chip clients.

Instrumental in helping financial institutions efficiently deploy Faster Payments services in the UK, Icon’s world class advisory team has a proven track record and unparalleled payments knowledge.

To find out more, visit: www.iconsolutions.com

Date: 13th April 2017