B2B Payments

Icon Solutions Takes Next Step In Linking US Banks To Faster Payments

Icon Solutions announced news last week it had begun testing connectivity between its Instant Payments Framework (IPF) and U.S.-based limited liability company The Clearing House’s new faster payments infrastructure.

The launch of a TCH gateway signals the information technology firm’s latest step in pushing for faster payments for banks. Icon Solution’s Instant Payments Framework enables banks and other financial institutions to undertake real-time payments processing — instantly, and  24/7 — the company explained.

“Icon’s development of off-the-shelf integration with TCH network infrastructure will provide U.S. banks with a ‘plug and play’ option for connecting to TCH’s real-time payments platform,” said Icon Solutions’ head of payments, Tom Hay, in a statement. “IPF already supports the processing of real-time payments in Europe and will now meet the needs of U.S. customers who find the cost and complexity of payment hubs a potential barrier to entry for delivering real-time payments. This is an important milestone, and we are delighted that this will help expedite U.S. financial institutions’ participation in real-time payments.”

In an interview with PYMNTS last year, Hay explored some of the challenges that have prevented FIs from getting on board with faster payments infrastructure.

“Banks struggle to integrate their back-office technology, with a mindset that still seems based in file-based processing and batching,” he said. “The fact is, now, that banks need to be on 24/7, and yet, the infrastructure that has been in place is one where the technology has needed to have downtime.”

Icon Solutions has already deployed its IPF in Europe and Asia. The solution integrates with banks’ existing ledgers and fraud systems, the firm said, and can support add-on services like Request for Payment.

“It will be a key tool for U.S. banks wanting to implement real-time payments without the need for re-engineering existing payment systems,” Icon Solutions said in a news report last week.

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