NatWest has partnered with the Icon Payments Framework (IPF) to modernise its payments system in compliance with the new global ISO 20022 payment data message standards.
Major UK retail and commercial bank NatWest on Tuesday announced its partnership with Icon Payments Framework (IPF), which enables the bank to supplement the existing Credit Transfer and Direct Debit capabilities with industry-leading workflows created in a low-code approach.
NatWest plans to initially leverage a Single Euro Payments Area (SEPA) processing engine. It will be enhanced with ready-made scheme packs including the recently mandated SEPA Instant capability.
Added access to the IPF framework empowers the NatWest software engineering team to quickly extend and create highly customizable integrations into existing bank systems, while focusing on innovation instead of the coding complexity.
“IPF provides the best practice platform to enable the change the bank is working towards, increasing the opportunity to enhance business growth. The relationship between the two companies is a close one, where we both strive to achieve best practice on a daily basis. There are many challenges and opportunities ahead, such as New Payments Architecture (NPA), which we will face together,” said Tom Kelleher, Co-founder and Director of Icon Solutions.
This May, NatWest Bank announced the launch of a software solution for retail outlets (SoftPOS). Namely, the financial institution implemented the Tap to Pay feature on Android through its Tyl by NatWest payment platform.
