Icon Solutions, a provider of IT payment consultancy firm, has launched Instant Payments Framework (IPF), a software product that expedites financial institutions’ transition to instant payments.
The platform was developed specifically to meet the needs of national banks and global bank subsidiaries who regularly find the cost and complexity of current payment hubs excessive.
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Currently, there are 21 domestic instant payment systems that are live and many others in the planning or development phase. IPF incorporates open source technology, and integrates with existing core banking and back office applications.
The company said that IPF is faster to implement because the framework includes an extensive library of pre-built services and can be rapidly connected or extended to suit specific business needs.
Icon Solutions head of payments Tom Hay said: "Banks of all sizes who have yet to make the transition are under extreme pressure from consumers, businesses and regulators to provide real-time payment services. Any further delay risks customers walking away and opens the door to faster moving competitors, especially challengers that aren’t burdened by legacy systems.
"Instant payments have been the preserve of big banks with the big budgets for big platforms. And the transition has major operational requirements as well as technical ones. This makes the challenge particularly acute for smaller banks. With IPF they finally have a quick and cost effective way to provide the speed of execution their customers need today, and the digital services they expect tomorrow."
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