US banks will now be able to benefit from Icon’s Instant Payments Framework’s (IPF) templated processing flows, and its pre-configured gateway to access TCH’s real-time payment scheme. 

Built on open source technologies, IPF is an agile software product that will expedite US financial institutions’ participation in real-time payments. Leading industry analysts predict that it will provide the lowest TCO option on the market.

IPF also provides the speed of delivery execution US customers demand today to rapidly incorporate with Fintech partners. Through its highly scalable, reusable Open API processing layer that supports digital services, it is designed to futureproof for the demands of tomorrow. 

IPF already supports the processing of real-time payments in Europe and was specifically designed to meet the needs of financial institutions who find the cost and complexity of payment hub adoption, or enhancement, excessive to the RTP business case. 

Tom Hay, Head of Payments at Icon Solutions said 
“We foresee a high demand for IPF in the US. 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. 

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.”

Steve Ledford, Senior Vice President, Product and Strategy at The Clearing House said
“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 US banks of all sizes with a means to access real-time payments, which will ultimately help us reach our goal of ubiquity.”