Icon Solutions works with FedNow to give 50+ financial institutions fast payment capabilities, improving financial flexibility and US bank integration readiness.
Since its debut on July 20, 2023, the FedNow quick payment service has attracted participation from more than 50 financial institutions. Icon Solutions, with its Icon Payments Framework (IPF), is the most recent company to create and introduce a pack on the system.
Banks can offer consumers cutting-edge rapid payment options thanks to the FedNow Service. It guarantees complete access to cash for recipients right away, enhancing their financial flexibility. especially while making payments that must be made on schedule. A FedNow readiness evaluation can be carried out by US banks in collaboration with Icon Solutions. By doing this, they can comprehend the demands, create the business case, and develop an integration strategy in line with their goals.
The IPF is assisting banks all around the world with their successful payments transformation thanks to its most recent scheme pack for FedNow.
Donal Fleming, CTO at Icon Solutions, says US banks constantly struggle to balance IT goals. ISO20022 and FedNow compliance are urgent needs. However, they promise to innovate, improve CX, and cut costs over time. When banks discover that their decades-old custom-built or vendor-sourced programs are unsustainable and inflexible, the former often delay the latter.
“Banks frequently rely too heavily on solution providers and are unable to promptly provide clients with the newest capability. Due to the increasing competition from fintechs and other banks, US banks need partners who will provide them more, not less, control over payment solutions. We are here to assist banks in addressing these intricate difficulties. Additionally, banks are able to move quickly when it comes to scheme compliance, allowing them to focus on other tasks that reduce expenses and boost revenue.
How the IPF aids banks
Banks are able to create their own solutions for payment processing thanks to the low-code, open-source IPF framework. Scheme packs allow IPF customers to easily and cost-effectively interface with a variety of payment schemes without the need for any programming effort.
It’s crucial for US banks to continue working with their current solution integrators to build, implement, and customize their solutions thanks to Icon’s low-code software development kit (SDK). With this method, banks can benefit from Icon’s proven payments strategy and architecture. The banks continue to be in charge, flexible, and agile so that they may continue to independently address their own business requirements. Additionally, vendor technological lock-in is minimized.
