By Icon Solutions ·
The challenge
Our client was facing challenges with the efficiency of their existing high-value payments systems in multiple European markets. Given the intricacy and age of the technology environment, changes were slow to implement and there were concerns about whether a substantial increase in payment volumes could be handled.
The legacy payments platform was also not able to support the ISO 20022 data format. With the impending Cross-Border Payments and Reporting Plus (CBPR+) transition to ISO 20022, the client needed a standard solution that could also support mandatory country-specific requirements on a modern technology stack. The resulting platform would be easier to maintain and control without vendor dependency.
Failure to achieve this could result in operational disruptions, increased costs and manual intervention. There was also the danger that delays with ISO 20022 migration could create interoperability issues and risk non-compliance with regulatory requirements; leading to penalties and reputational damage.
The approach
Due to the complexity of their landscape, the client engaged Icon to define the endto-end high-value payment flows and detail a common set of corresponding requirements across different markets. This would enable the development of their in-house platform.
Icon’s support was also sought by the client to review and validate the overall payments strategy and conduct a targeted market scan of selected market infrastructure gateway options. This was needed to provide an overview of the advantages and disadvantages of an on-premises versus a cloud deployment model.
To deliver this, Icon took the following approach:
- Worked closely with the client’s country-specific Business and Operation steams, and a Central Digital IT team to leverage existing assets and define new payment flows
- Assessed the payments technology strategy to ensure alignment with industry best practices and market drivers
- Performed research and market analysis to provide insights about key Market Infrastructure Gateway vendors. This included delivering workshops to define detailed requirements. Icon also validated where multiple as-is legacy rules were required, could be consolidated or simply removed to achieve a solution that was easier to maintain and that could be rolled out indifferent markets
Solutions and benefits
Through this approach, Icon was able to deliver:
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High-value payment flows and business requirements via a series of structured workshops
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A full review of the client’s payment transformation strategy
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Analysis of different Market Infrastructure Gateway options and a positioning paper
This resulted in the following benefits for the client:
- Quality and clarity Rapid improvement in the quality and clarity of the business requirements
- Strong foundation A strong foundation for writing subsequent business requirements. This is also helping the client with effective future project planning
- Better use of resources Relief for overstretched internal resources, allowing the client to redirect focus and investment in priority areas
Icon’s team of experts seamlessly supported our payments journey and were a key enabler to the success of our platform. They worked across our company in a very professional way, showing capabilities in understanding the topic, expertise on large strategic programmes and ability in simplifying and moderating complex discussions”
Our unique contribution
Icon’s subject matter expertise in high-value payments was a key success factor. It meant Icon’s experts could act as a trusted advisor to the client, supporting the payments strategy as well as the architecture requirements.
Crucially, Icon was able to help the client maintain control of their in-house development. The goal was to create a solution that would free the client of vendor dependency. In addition to high-value payments, Icon’s experience supporting large scale migrations from legacy payments technology to new platforms was invaluable.
