Buying off-the-shelf payments solutions has become less attractive to a growing number of financial institutions. The inflationary pressure on licence fees, increasing vendor frustrations due to complex upgrade paths, limited influence on roadmaps and inability to differentiate in the market are all factors that lead organisations to consider building their own payments solutions.
A decision to build rather than buy takes control back, allowing financial services organisations to determine the direction and pace of payments modernisation and innovation. This creates opportunities to quickly respond to changes in market conditions, taking advantage of revenue generating opportunities or complying with new regulatory requirements.
To build payments solutions, financial institutions must have an engineering function well versed in modern technologies and development practices. Ready access to specialist payments domain knowledge is another key factor for success for engineers to have clearly defined outcomes to be met.
Aiming to build everything is simply not viable; organisations must choose what areas of the payments ecosystem are strategic then decide on the technologies, frameworks and accelerators to support product delivery.
Icon has an extensive track record of building critical payments solutions within large financial institutions across the UK and Europe. Icon's specialist resources have the expertise and experience on the end-to-end delivery of tailored payments solutions to exacting client requirements. Often engagements accelerate change within a client's engineering function, leaving lasting improvements in how software is produced.
Icon's payments engineering know-how has gone into the creation of IPF, our response to the challenges financial institutions face when building their own payments solutions. Icon's engineering specialists are comfortable working on engagements where clients have selected IPF or those that have chosen not to use an accelerator.
CASE STUDY
Leading the design and delivery of a foreign exchange payments solution for a Tier 1 UK bank
CASE STUDY
Transitioning to a microservices-based, cloud-hosted payments architecture supported by automated CI/CD
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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News
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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News
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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