Icon Solutions, a leading provider of technology and instant payments solutions has just announced its expansion into the Hungarian market by partnering with T-Systems Hungary to provide customers with easier, quicker and more manageable access to immediate payments via Icon’s Instant Payments Framework (IPF).
The strategic partnership comes as Icon moves to consolidate its position at the forefront of instant payment solutions. Current clients of T-Systems will benefit from Icon’s ongoing investment into IPF product development that will enable banks to continually realise financial savings and improve performance.
From 2019, customers of banks in Hungary will be able to make instant credit transfers of up to HUF 10 million (circ.€32,500) and beneficiaries will be able to access these funds within 5 seconds from transfer. This is a major shift from the payment methods that are the norm in Hungary today. IPF is an agile software product that will expedite Hungarian financial institutions’ participation in instant payments.
IPF provides the speed of execution customers demand today to rapidly integrate with FinTech partners. Through its highly scalable, reusable Open API processing layer that supports digital services, IPF futureproofs banks from the demands of tomorrow.
Tom Kelleher, Commercial Director at Icon Solutions said:
This is a significant partnership for Icon, and Hungary is an integral part of our growth strategy in Europe. T-Systems have a wealth of experience and trusted relationships in the Hungarian banking community. This partnership validates our shared vision to deliver cutting-edge instant payment solutions and improve the customer experience via our joint extensive technology capabilities and market-leading insights from our team of payment experts.
Balázs Rakovszky, Director of Financial Institutions Business unit at T-Systems Hungary said:
T-Systems only works with companies that implement the best practices and are leaders in their field. We are confident that our partnership with Icon will add value to our instant payments service offering and benefit our clients.
The strategic goal of T-Systems is to serve its clients on the highest possible level either through in-house developed products or with partners that can not only bring cutting edge technology, but a deep subject matter expertise to the table. Although T-Systems has a long-standing experience in the payments area, our partnership with Icon is a major step forward to even better serve our clients.