The migration to digital banking is slowed by legacy systems, budgetary restrictions and technical complexity. Instant Payments, sometimes referred to as Immediate or Faster Payments, brings multiple benefits and opportunities to financial institutions, helping accelerate the process of digitisation while opening up new avenues for cost saving and revenue generation.
Deep payments domain knowledge and fintech expertise means Icon understands the key challenges faced by financial institutions with ambition to transition to an instant payments world. These include individual transactions, immediate response, low latency, and high performance operation 24×7.
Icon realised that a totally new approach was required if national banks and global bank subsidiaries are to accelerate their instant payments roll-out. This led us to develop an advanced Instant Payments Framework (IPF) that delivers faster and more cost-effective access to instant payment services.
The Instant Payments Framework has a modern design, with a microservices architecture, and proven open source technology. It runs on commoditised distributed hardware to keep costs low and make migration simple, scalable and progressive. IPF is faster to implement because the framework includes an extensive library of services and APIs that can be rapidly connected or extended to suit specific needs. Bespoke functionality can be developed in-house, by Icon or by third party developers using the comprehensive Software Development Toolkit.
Java application – with latest microservices architecture
Plug and play – extensive library of services and APIs
Reactive system – message driven, responsive, resilient and elastic
Extensible – easy to add new message flows and business logic
Low TCO – Commodity hardware and proven open-source components
Simplified operations – automated regression testing, code generation and plain English testing
High performance – benchmarked at 2000 TOS, providing lots of room for growth
Simple integration – to internal and external systems
Orchestration – empowering business owners with graphical message flow definition
Transformation – conversion of standard and propietary messages into ISO 20022
Active/active stand-in processing – delivering high availability 24×7 operation
High Integrity – ensuring transaction completion and strong exception handling
Small footprint – optimised for instant payments market demands
Why is IPF different?
IPF distils Icon’s experience in delivering major real-time payments projects including the UK’s Faster Payments and Singapore’s G3 FAST. Icon understands the challenge banks face when implementing instant payments and provides pragmatic solutions
Built by practitioners alongside technologists
IPF is built by industry practitioners who have run instant payment systens day in, day out, working alongside technology experts with years of experience designing real-time payments systems. This reflects Icon’s approach of bringing together business and technology. and recognizing the importance of operational requirements.
Extend, not 'rip and replace'
With IPF, transitioning to instant payments doesn’t require an IT overhaul where current technology is ripped and replaced. IPF harnesses the best of an institution’s existing capabilities and plugs the gaps where necessary, extending the life of systems to reduce risk while speeding time to market.
Customisation without the cost
Every institution, market and scheme is different. Existing vendor platforms demand resource-hungry bespoke development to meet evolving business requirements. IPF’s flexible architecture ensures rapid response to emerging customer, business and regulatory demands without ongoing investment in expensive professional services.
Foundation for the future
The market has entered a period of unparalleled turbulence. Inflexible vendor platforms hamstring the transition to digital banking. IPF’s conveyor belt of new components, forward generation of APIs, and the advanced SDK, puts institutions in charge of their own destiny.