In a pivotal partnership aimed at payments modernization, NatWest has joined forces with Icon Solutions. The strategic alliance is designed to align the bank with new global ISO 20022 payment data message standards using Icon’s Payments Framework (IPF).
The Essence of the Partnership
The collaboration between NatWest and Icon Solutions is a significant step forward in the realm of payments modernization. It enables NatWest to initially utilize a Single Euro Payments Area (SEPA) processing engine. This comes alongside ready-made scheme packs, including the newly mandated SEPA Instant capability.
Quotes That Speak Volumes
Ian Povey, CIO Payments Technology at NatWest, encapsulated the significance of the low-code approach, saying:
“The low code aspect of the framework (Icon’s IPF) empowers and enables organizations 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, also expressed his thoughts:
“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.”
A Look into the Future
Both NatWest and Icon Solutions have their eyes set on future challenges and opportunities, such as the New Payments Architecture (NPA). Both companies are slated to be present at Sibos 2023 in Toronto later this month.
📌 Find out more here: Sibos 2023
About NatWest and Icon Solutions
- NatWest: A relationship bank serving 19 million people in the UK and Ireland.
- Icon Solutions: A specialist in facilitating banking transformations with a focus on payments modernization.
Redefining Global Banking Standards
The collaboration between NatWest and Icon Solutions is a beacon for what’s possible in payments modernization. Through leveraging low-code technologies and aiming for global standards, both companies are set to redefine the banking industry. What do you think about this pivotal partnership? Feel free to share your thoughts in the comments section below.
Learn more about Low Code in the following video:
