Icon Solutions, a leading provider of technology solutions and instant payments consultancy, has successfully completed EBA Clearing’s testing procedure for SCT Inst payments – proving full compliance with the requirements of the RT1 infrastructure solution of EBA Clearing and the EPC Scheme Rulebook.
Icon’s Instant Payments Framework (IPF) is now ready to connect participants to the RT1 system, which will go live in November 2017. The end-to-end testing completed by Icon Solutions is the same testing process that banks need to complete to participate in the system.
Icon, an EBA Clearing frontrunner service provider, already completed connectivity testing between IPF and SIAnet, one of the connectivity options providing access to EBA Clearing’s SCT Inst platform.
IPF leverages 10 years of instant payments experience in Europe and Asia. IPF’s rich ISO 20022 native data format accommodates the data requirements of any payment system, being easy to integrate with existing accounting systems, compliance and fraud systems, while providing full operational monitoring and control. It will be a key tool for banks wanting to implement instant payments allowing via the rapid adoption of SCT Inst but without the need for re-engineering existing payment systems.
Tom Hay, Head of Payments at Icon Solutions, “IPF is a high-performance payment engine that captures Icon’s extensive instant payments experience. This functional testing proves that IPF is fully compliant with the RT1 platform and will provide banks with a ‘plug and play’ option for connecting to EBA Clearing’s pan-European Instant Payments infrastructure.”
Andrea Grandi, Manager, Service Development and Management, EBA Clearing, and coordinating the RT1 testing programme run by the pan-European payment infrastructure services provider, “We are very excited to see more and more banks and technical service providers successfully complete the end-to-end testing in the run-up to the SCT Inst launch date. This is a key milestone in their preparatory activities for establishing connectivity with RT1 and offering instant payment capability to the market.”
Icon is an independent award-winning payment 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.
The critical value Icon offers its clients, is the combination of deep subject matter expertise in instant payments, a proven track record in delivering bank critical systems, and a FinTech approach to the use of technology. This is evidenced by many longstanding client relationships with leading global financial institutions.