Overview
Transforming payments: From consolidation to collaboration
At Icon Solutions, we believe a new mindset is required for acheiving lasting payments transformation in an evolving data driven and digital world. Banks need to move away from consolidating different payment systems to focusing on empowerment through collaboration and reusing the existing knowledge base.
IPF has been built with this belief at heart. A cloud native, collaborative payments platform, IPF combines open source technology with light-weight integration, and processes payments at a fraction of existing costs. Unlike traditional payment ‘hubs’, IPF enables a low risk approach to transformation while deploying new products and value-added services quickly and cost-effectively.
Full implementation of new real-time payment capability with IPF has been achieved in under six months. Total cost of ownership is reduced by over 50% and new services are being delivered in weeks. Customers are taking control and developing new functional capability themselves.
Key Features
IPF delivers key functionality for elasticity, scalability and resiliency
Gateway Connectivity
- Pre-configured gateways which enable accelerated connectivity to real-time schemes globally including TCH and SCT Inst, alongside a growing catalogue of other payment types such as SEPA CT.
Orchestration
- Graphically define the flow of each message type between channels, clearings and business systems, applying relevant validation and business rules.
Transformation
- Convert between standard and proprietary message formats (including internal system formats) and IPF’s ISO 20022–based canonical data model.
Integration
- Leverage pre-built scheme to bank integration process flows alongside IPF’s library of adapters supporting over 100 industry-standard protocols.
Analytics Integration and Operational Monitoring
- Operational dashboard or integration into existing capability alongside wider data enterprise integration.
Stand-in
- IPF supports 24x7 availability even when core legacy systems are unavailable.
Key Benefits
IPF meets the challenge of payments modernisation while reducing TCO by over 50%
Empowering clients
- Highly customizable through design pattern templates
- State-of-the-art tools reduce vendor dependency and enable bespoke self-development capability
- De-risks change by working alongside legacy systems to phase transformation
- Fully supports ISO 20022 messaging and the ability to transform legacy message sets
Faster time to market
- Leverage IPF’s catalogue of APIs for ease of integration to legacy systems and channels
- Leverage pre-built payment flows
- Conduct regression tests in minutes using automated test scripts and scheme simulators
- Harness an agile approach to delivery using DevOps and CI/CD process
Leverages Open, cloud native, scalable
- Containerized deployment compatible with any public or private cloud infrastructure
- Future-proof through elastic scaling and adaptable architecture
- Leverages cloud agnostic tooling to prevent vendor lock-in
- Zero service downtime during code enhancements
