Icon Solutions’ Instant Payments Framework (IPF) connects to The Clearing House for US real-time payments
Icon Solutions, a leading provider of technology solutions and real-time payments consultancy has just announced the enhancement of its Instant Payments Framework (IPF) product to support connectivity to The Clearing House’s (TCH) Real-time Payments system, accelerating US banks’ access to instant payments.
The Clearing House is currently building a completely new payments infrastructure that can support all US financial institutions and will clear and settle payments in real-time. It has immediacy, certainty and finality required for real-time and information/ conversation capabilities that enable new ways to deliver service. US banks will soon be able to benefit from Icon’s Instant Payments Framework’s (IPF) templated processing flows, and its pre-configured gateway to access TCH’s real-time payment system.
Built on open source technologies, IPF is an agile software product that will expedite US financial institutions’ participation in real-time payments. Leading industry analysts predict that it will provide the lowest TCO option on the market.
Through its highly scalable, reusable Open API processing layer that supports digital services, IPF is designed to futureproof for the demands of tomorrow.
IPF already supports the processing of real-time payments in Europe and was specifically designed to meet the needs of financial institutions who find the cost and complexity of payment hub adoption, or enhancement, a potential barrier to entry for access to real-time payments..
Tom Hay, Head of Payments at Icon Solutions said.
“We foresee a high demand for IPF in the US. Connectivity with TCH will revolutionize the way that financial institutions think about the value proposition for real-time payments. With IPF, there is no longer a need to build, buy or enhance a core payment hub and engine. In our experience, many institutions get left behind because they cannot justify delivering a fully-fledged Faster Payments solution based on the business case and client’s willingness to pay for RTP services.
We built IPF to address the underserved community who need to provide RTP services, justify their business case and ensure low TCO post deployment. We are therefore delighted to support TCH’s vision of providing RTP solutions designed to achieve ubiquity.”
Steve Ledford, Senior Vice President, Product and Strategy at The Clearing House said
“We are excited that Icon Solutions is developing a real-time payments solution that will facilitate connectivity to our RTP system. The IPF initiative’s goal is to provide US banks of all sizes with a means to access real-time payments, which will ultimately help us reach our goal of ubiquity.”
Icon Solutions has a track record of providing payment solutions to global financial institutions in the US; this new relationship with TCH cements Icon Solutions’ commitment to real-time payments.
About The Clearing House
The Clearing House is a banking association and payments company that is owned by the largest commercial banks and dates back to 1853. The Clearing House Payments Company L.L.C. owns and operates core payments system infrastructure in the United States and is currently working to modernize that infrastructure by building a new, ubiquitous, real-time payment system. The Payments Company is the only private-sector ACH and wire operator in the United States, clearing and settling nearly $2 trillion in U.S. dollar payments each day, representing half of all commercial ACH and wire volume. Its affiliate, The Clearing House Association L.L.C., is a non-partisan organization that engages in research, analysis, advocacy and litigation focused on financial regulation that supports a safe, sound and competitive banking system.
To find out more, visit: www.theclearinghouse.org.
About Icon Solutions
Icon is an independent award winning IT payment consultancy 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.
Icon’s critical advantage is having the combination of consultancy skills, project delivery experience and a deep expert knowledge of both technology and the financial services domain, evidenced by longstanding client relationships with global blue chip clients.
To find out more, visit: artdivision327.wpengine.com