UK-based Icon Solutions has launched a FedNow scheme pack for its Icon Payments Framework (IPF) in the US. By connecting to the FedNow Service, US banks can provide instant payment services to customers, while ensuring that recipients have full access to funds immediately.

Through this, customers receive increased flexibility when making time-sensitive payments. About FedNow Developed by the Federal Reserve, the FedNow Service is an instant payment infrastructure that enables US financial institutions to provide safe and efficient solutions. With approximately 50 collaborating financial entities, businesses and individuals can send and receive instant payments in real-time. US banks can collaborate with Icon Solutions to assess their FedNow readiness and to understand the requirements, build the business case, and define a strategy for integration according to their objectives.

With the integration of its latest scheme pack for FedNow, the IPF enables banks worldwide to complete a successful payment transformation. Through its low-code, cloud-native, open-source framework, IPF allows banks to develop their own payment processing solution, while scheme packs enable customers to integrate with various payment programs. This significantly reduces the time to market, integration costs, and development efforts. Moreover, US banks can use Icon’s low-code software development kit (SDK) to work with existing solution integrators to develop, implement, and customise their solutions.

By implementing this approach, banks can leverage Icon’s payments strategy architecture while maintaining control, flexibility, and agility to address their specific requirements, while also minimising vendor technology lock-in. More information about Icon Solutions As a provider of solutions and technology services, Icon Solutions offers banks the ability to simplify their banking transformation. The company combines domain experts, services, accelerator assets, and technology to enable customers to solve problems, fight complexity, and move toward innovation. Previously, NatWest selected Icon Solution’s payments framework to improve payments as the bank proceeds to align with ISO 20022 payment data message standards.

Through this collaboration, NatWest can leverage a Single Euro Payments Area (SEPA) processing engine together with ready-made scheme packs, including the SEPA Instant capability. This comes as an addition to existing credit transfer and direct debit capabilities that offer customers more choices and establish the foundation for future modernisation. Back in June 2023, Virtusa Corporation partnered with Icon Solutions to support successful payment transformations for banks globally. The partnership allows the integration of Icon Solution’s IPF into Virtusa to develop an ecosystem designed to help banks achieve their payment transformation objectives.

By using this approach, banks can minimise vendor technology lock-in, while remaining in control and leveraging Icon’s payment strategy. .