Icon Solutions announced the enhancement of its Instant Payments Framework (IPF) product to support connectivity to The Clearing House (TCH), which will accelerate U.S. banks’ access to real-time payments.
According to Finextra, IPF is an agile software product that will expedite U.S. financial institutions’ participation in real-time payments.
“We foresee a high demand for IPF in the U.S. Connectivity with TCH will revolutionize the way that financial institutions think about the value proposition for real-time payments. With IPF, there is no longer a need to build, buy or enhance a core payment hub and engine. In our experience, many institutions get left behind because they cannot justify delivering a fully fledged Faster Payments solution based on the business case and client’s willingness to pay for RTP services,” said Tom Hay, head of Payments at Icon Solutions. “We built IPF to address the underserved community who need to provide RTP services, justify their business case and ensure low TCO post deployment. We are therefore delighted to support TCH’s vision of providing RTP solutions designed to achieve ubiquity.”
IPF, which already supports the processing of real-time payments in Europe, also provides the speed of delivery execution U.S. customers need to rapidly incorporate with FinTech partners. The product was designed specifically for financial institutions who find the cost and complexity of payment hub adoption, or enhancement, excessive.
“We are excited that Icon Solutions is developing a real-time payments solution that will facilitate connectivity to our RTP system. The IPF initiative’s goal is to provide U.S. banks of all sizes with a means to access real-time payments, which will ultimately help us reach our goal of ubiquity,” said Steve Ledford, senior vice president, Product and Strategy at The Clearing House.