Icon Solutions completes connectivity testing between Instant Payments Framework and The Clearing House’s Real-time Payments system

London - 1 August 2017

Icon Solutions, a leading provider of technology solutions and real-time payments consultancy, today announces the completion of connectivity testing between its Instant Payments Framework (IPF) and The Clearing House’s (TCH) new payments infrastructure, which is being created to support the need for US financial institutions to clear and settle payments in real-time. This new system will allow consumers and businesses to send and receive payments instantly, directly from their accounts at financial institutions.

The connectivity testing is a significant milestone in Icon’s development of a TCH Gateway, which will enable US banks to benefit from Icon Solutions’ Instant Payments Framework (IPF) - a ground-breaking solution built on Open Source technologies, that enables banks to process instant payment transactions 24/7 quickly and cost-effectively.

IPF leverages Icon’s 10 years of experience with real-time payments in Europe and Asia, and its rich ISO20022 native data format accommodates data requirements of any payment system. It is easy to integrate with existing ledgers, screening and fraud systems, and provides full operational monitoring and control. As well as the core payment messages, IPF supports value-added service messages such as Request for Payment. It will be a key tool for US banks wanting to implement real-time payments without the need for re-engineering existing payment systems.

Tom Hay, Head of Payments at Icon Solutions, “Icon’s development of off-the-shelf integration with TCH network infrastructure will provide US banks with a ‘plug and play’ option for connecting to TCH’s real-time payments platform. IPF already supports the processing of real-time payments in Europe and will now meet the needs of US customers who find the cost and complexity of payment hubs a potential barrier to entry for delivering real-time payments. This is an important milestone and we are delighted that this will help expedite US financial institutions’ participation in real-time payments.”

Icon Solutions 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 longstanding client relationships with some of the most important global financial institutions.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development