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The Icon Payments Framework (IPF) - the 'grow your own' payments solution

IPF is a low code framework that enables banks to develop their own payment processing solution by leveraging the IPF software development kit and any desired optional modules or ready-made scheme packs. This can be done by the banks themselves or with help from Icon or an SI.

It’s a fundamentally different approach to traditional vendors with Icon delivering code into the bank’s CI/CD pipeline. This limits vendor technology lock-in but still enables banks to leverage Icon's payments strategy and architecture pedigree.

Independent research conducted by Celent on behalf of Icon estimates that software developer capacity constraints have impacted banks’ payment revenues by 5% over the past two years. This is leading to increasing interest in ‘low code’ tools and platforms to accelerate the delivery of revenue-generating services, while maintaining control of the development process.

The survey of Tier 1 banks in North America and Europe found that the account-based payments processing model remains under significant and sustained pressure. Despite a high interest rate environment, 61% reported that margins are becoming more difficult to maintain amid evolving customer expectations, increasing regulatory demands and the emergence of new competitors.

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