JPMorgan Chase has made a strategic investment in UK-based payment technology company ICON Solutions.
Icon is the provider of technology-led payment solutions and consultancy services. It is known for developing and implementing transaction banking solutions.
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Icon has created a cloud-native payments platform called “IPF”, which combines open source technology with simplified integrations.
Icon will use the investment from JPMorgan to fund its technology and geographic expansion.
It will provide its new and existing customers with real-time, 24-hour, open, and data-driven payment solutions.
According to its website, Icon’s clients include major banks like HSBC Holdings, Wells Fargo and Citigroup.
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By GlobalDataIcon Solutions co-founder and commercial director Tom Kelleher said: “Investment from JPMorgan is recognition of our achievements to date in supporting the evolution of the payments industry.
“We will benefit greatly from the scale and insight of a global banking leader and one of the most visionary technology companies in the world, with the flexibility and independence to pursue our innovation and growth roadmap.
“The payments industry has woken up and realised that the money is in value-added services, not payments processing. The right approach to transforming technology estates reduces costs, increases resilience and supports innovation to deliver more value, while staying in full control.
“The investment with JPMorgan enables Icon to accelerate our plans and be perfectly positioned to help banks leverage this opportunity to drive new revenues and further develop existing business lines.”
JPMorgan did not divulge the amount invested in Icon Solutions.
JPMorgan EMEA head of payments, digital and solutions Sara Castelhano said: “We are excited to support Icon with this strategic investment as they look to continually build a simplified, collaborative payments ecosystem, driving emerging payments rails and innovation.”
