Implementing a Ring Fence Banking Solution for a Major UK Bank
Ring Fence Banking regulations require the separation of retail and SME deposits and lending from perceived “riskier” activities. This includes complex hedging and market making. Furthermore, any business operating outside of the European Economic Area (EEA) must also be outside the ring-fence.
A major UK retail bank spent considerable time trying to determine how to shape their solutions for Ring Fence Banking regulations. Implementing the required IT changes to their domestic payments estate left the Client under significant time pressure.
Icon formed a specialised, expert team to de-risk the delivery of the required IT changes to the client’s Payment Engine Platform, specifically covering Faster Payments and BACS. Working locally with the client, but in close coordination with the client’s offshore development capability, Icon diagnosed issues, designed a suitable solution and drove delivery assurance.
Icon’s architecture and governance layer were key in the early stages of engagement. Combining Icon’s deep payments expertise and legacy system capabilities, Icon was able to challenge complex architectures and steer the client towards a solution most appropriate for both BACS and Faster Payments schemes.
During the delivery of the project, it was the ability of the Icon team to ensure fast and effective delivery, whilst also seamlessly introducing new processes, that delivered tangible long-term value to the client.