Order Management is an architectural layer located between payment channels and backend payment engines. It provides the ability to qualify (validate and route) payments, as well as call reusable services, and omnichannel support.
The introduction of an order management layer allows new value-added services to be introduced into the payment processing value chain, which can be subscribed to individually allowing additional revenue to be generated from payments. This can be introduced initially with minimal change to backend processing.
The order management layer further facilitates reengineering of backend services to become modernised and rationalised, to support ever growing volumes, be always on, and be able to implement new initiatives and regulatory requirements quickly and cheaply.
Banks are increasingly facing competition from Fintechs and other payment service providers offering new, innovative and competitively priced payment services. To stay competitive, banks need to become more agile and provide differentiating services. The best way to do this is to decouple payment channels from processing engines and delegate routing decisions to optimise the use of the most efficient payment schemes.
Implementing an Order Management layer provides the foundation for smart payment routing based on dynamic rules and customer profiles, while enabling additional value-added services such as payment netting and aggregation.
Icon has the expertise and experience to help banks on the journey to implement this approach from idea to delivery. Icon can assist banks in developing a pragmatic business case for Order Management taking into consideration cost, revenue and risk.
From a technology standpoint, Icon believes clients should have full control over this layer, given its strategic importance, and should avoid being tied to a single vendor. Icon has the capabilities to lead the delivery for both Business and IT by understanding the ever-changing payments landscape that banks need to cater for in staying relevant and competitive.
CASE STUDY
Delivering UK Open Banking and PSD2 compliance in record time
Discover how Icon delivered APIs for a leading UK bank helping them avoid breaching CMA and PSD2 regulations.
CASE STUDY
Delivering a seamless customer experience for Open Banking
Icon designed and developed this Tier 1 Bank’s App-to-App programme in response to PSD2/CMA Open Banking regulation.
News
Icon Solutions has published its 2023-24 Annual Report, demonstrating how new strategic partnerships, product and service innovations, and an ongoing commitment to its people and customers have provided a foundation for the next phase of global growth.
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Icon Solutions today announces it has strengthened and expanded its strategic partnership with NatWest with the appointment of Ian Povey, CIO Payments Technology, and Lee McNabb, Head of Payments Strategy and Partnerships, as Board Observers.
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Icon today announces that it has developed and launched a new SIC5 scheme pack for its Icon Payments Framework (IPF) – the payments solution putting global banks in control – to accelerate support for domestic instant payments in Switzerland.
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