Instant Payments Framework (IPF) is a real-time payments orchestration engine, built from the ground up specifically for the needs of financial organisations seeking to move to instant payments. IPF gets your Instant Payments offering to market quickly with minimum changes to your legacy back office systems.
IPF orchestrates interactions between bank channels, internal systems and external schemes. It improves operational management through enhanced monitoring and control capabilities and straight through processing (STP), as well as providing gateway functionality to connect into the central infrastructure.
IPF delivers the ultimate level of flexibility, providing multi-network interoperability and modern open API connections straight out of the box while the graphical SDK allows users to add their own processing flows as new business needs arise. The IPF design team has delivered solutions for national switches and Tier 1 banks, so features such as high availability, blazing performance and assured transaction integrity are built in.
Local & National Banks You need to connect with a new Instant Payment scheme quickly and cost-effectively, and you need the flexibility to introduce innovative products and services in the future. IPF helps you get ahead and stay ahead of your competition.
Global Banks You might already have a strategic payment platform, but it may not be cost-effective to deploy for secondary markets. IPF allows you to use a single product to comply with Instant Payment obligations in smaller markets across the world.
Your business model is under threat from non-card payments enabled by fintechs and regulations such as PSD2, and even traditional merchants are demanding faster settlement. IPF enhances your current business while enabling innovation for the future.
IPF enables you to process instant payment transactions 24/7, from any channel to Payment Network, quickly and cost-effectively. IPF is easy to integrate with your existing ledgers, screening and fraud systems, and provides full operational monitoring and control. Transactions can be enquired on in the IPF database, and exported to a data warehouse for reporting and analytics.
Easy Integration Connect IPF easily into existing internal and external systems using a library of protocol adapters supporting over 100 industry-standard protocols.
Always Available IPF supports 24×7 availability with a Stand-In, even when your legacy systems, such as Sanctions check or Account posting are unavailable.
Puts You In Control IPF’s graphical design tool empowers you to configure existing message processing templates or create completely new flows for new products.
Automatic Testing IPF comes with a full suite of automated functional tests, slashing the time and cost of regression testing. You can also create your own tests.
Global Product IPF has the flexibility to handle messages and flows from any instant payment system, allowing a single product to be deployed globally.
Complete Data Internally IPF uses the rich data standard ISO20022 to capture all data elements. Messages to and from the network are also logged in “raw” form for audit.
High Performance IPF is designed for high performance, scaling easily to handle thousands of transactions per second. Advanced design achieves this on low-cost hardware.
Payment Integrity IPF takes replicated checkpoints throughout payment processing, providing visibility of processing state and allowing automatic recovery from exceptions.
See IPF brought to life at Finovate 2017
What makes IPF different?
IPF distils Icon’s experience in delivering major real-time payment projects including the UK’s Faster Payments and Singapore’s G3 FAST. Icon understands the challenges banks face when implementing instant payments and provides pragmatic solutions.
Built by practitioners alongside technologistsIPF is built by industry practitioners who have run instant payment systems day in, day out, working alongside technology experts with years of experience designing real-time payments systems. This reflects Icon’s approach of bringing together business and technology, and recognising the importance of operational requirements.
Extend, not ‘rip and replace’ With IPF, transitioning to instant payments doesn’t require an IT overhaul where current technology is ripped and replaced. IPF harnesses the best of an institution’s existing capabilities and plugs the gaps where necessary, extending the life of systems to reduce risk while speeding time to market.
Customisation without the cost Every institution, market and scheme is different. Existing vendor platforms demand resource-hungry bespoke development to meet evolving business requirements. IPF’s flexible architecture ensures rapid response to emerging customer, business and regulatory demands without ongoing investment in expensive professional services.
Foundation for the future The market has entered a period of unparalleled turbulence. Inflexible vendor platforms hamstring the transition to digital banking. IPF’s conveyor belt of new components, forward generation of APIs, and the advanced SDK, puts institutions in charge of their own destiny.
Different Needs, Different Flavours
Payments is a complex area, and every organisation has different needs and different strategies. IPF provides the flexibility to meet your specific needs in many different areas:
Scheme Packs provide pre-configured messages and flows for common payment schemes such as SCTinst and US Faster Payments
Graphical configuration tools allow the Business and Technology to work together to integrate IPF with your specific systems, processes and business rules
IPF’s Software Development Kit generates Java code that can be enhanced by you, your local SI, or Icon, so you can choose the right level of technical ownership
Like to know more?
Download ourIPF Product Sheet or contact us for a demonstration of how IPF can provide your fast-track to Instant Payments for UK FPS, SCTinst, US Faster Payments and more.