Icon Solutions is ready to connect to TIPS central infrastructure

By Icon Solutions Published: 26 September 2018

London, 22nd November 2018 – Icon Solutions, a leading provider of Payment Solutions, is now ready to help payment service providers connect to the European Central Bank’s Target Instant Payments Settlement (TIPS) service using IPF – a modern open source solution for those looking to transform their payments architecture Icon is currently working with customers to go-live in 2019. As with other schemes including RT1, STET, TCH and Giro, IPF provides standard scheme business logic, processing flows and message translators. IPF includes automated functional test regression packs and scheme simulators to de-risk implementation and speed time-to-market.

Simon Wilson, Global Head of Sales, IPF, said: “It is great to see the introduction of another pan European scheme for Instant Payments. Real-time is the ‘new normal’ and we expect to see significant traffic migrate to schemes such as TIPS as Open banking and value-added services take hold across the banking community through 2019. Banks are increasingly recognising the need to deploy new payment architectures to deal with a world of open, data driven, real-time payments and in IPF they can deploy with speed and confidence in a solution that integrates easily into existing systems and includes the ability to be build out independently as a foundation for the future.”

Tom Hay, Chief Product Officer said: “IPF was designed as a global product with the flexibility to accommodate any Instant Payment scheme, and the speed that we have demonstrated in connecting to different CSMs bears out that vision. This flexibility is reflected in all aspects of IPF as we believe that the ability to react quickly to the changes that are transforming the world of payments will be key to the strategy of financial institutions over the next decade. IPF’s cloud-native architecture, cutting-edge tech stack and Open approach make it the most advanced product in the market today.”

About Icon Solutions Icon Solutions is an international award-winning payment and specialist technology provider serving global financial institutions. From IT strategy, architecture and design to software development, Icon enables clients to rapidly capitalise on the latest technology and market drivers to boost profits 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 and regulation, 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 many of the most important financial institutions around the globe. We are currently working closely with a major European bank to deploy IPF, our innovative RTP solution. IPF also offers a faster and more cost-effective path to accessing The Clearing House real time payments system.