Discover how NatWest’s IPF compliance with ISO 20022 standards expands client options and sets the foundation for payments innovation.
By adopting the Icon Payments Framework (IPF), NatWest has made a significant advancement in the modernization of payments by bringing the bank into compliance with the new international ISO 20022 payment data message standards.
Through this agreement, NatWest will be able to utilize an initial SEPA processing engine supported by pre-designed scheme packs that include the recently required SEPA Instant capabilities.
Customers will now have more options, and the inclusion complements NatWest’s current Credit Transfer and Direct Debit capabilities, opening the door for future innovation.
Modernization of payments
The modernization program seeks to improve the total end-to-end customer experience by giving customers more freedom to start payment flows.
The IPF framework’s low-code approach, which enables corporate payment professionals to create workflows that lead the industry, is its key component. Software engineering teams, concentrating on high-value integrations and novel features, can effectively extend and customize integrations into the bank’s existing systems.
IPF offers the best practice platform, according to Tom Kelleher, co-founder and director of Icon Solutions, allowing Natwest to quicken the bank’s payments modernization.
IPF offers the best practice platform to support the change the bank is aiming toward, enhancing the chance to enhance business growth, according to Kelleher. “The mission at NatWest is to build a sector-agnostic payments platform to connect everything to everyone.
“The two companies have a close partnership in which we both work hard to uphold best practices on a regular basis. Future opportunities and challenges include the New Payments Architecture (NPA), which we will address jointly.
“The low code aspect of the framework (Icon’s IPF) empowers and enables organizations to control its delivery and feature richness while the simple extensibility of the capability allows software engineers to focus on high value integrations and innovation,” added Ian Povey, CIO of Payments Technology at NatWest.
