NatWest partners with Icon Solutions to propel payments modernization forward
NatWest has declared a strategic minority investment in Icon Solutions, a leading provider of payments technology and consultancy services. This announcement comes on the heels of the bank’s decision last September to adopt the Icon Solutions Payments Framework (IPF) to enhance its payments modernization efforts. Introduced in 2020, IPF is celebrated for its low-code approach that enables payment professionals to develop industry-leading workflows and allows engineering teams to craft highly customizable integrations with existing bank systems quickly.
The collaboration between NatWest and Icon Solutions aims to fast-track strategic outcomes in the payments arena, offering customers more choices and establishing a solid foundation for future payment innovations. This alliance is integral to NatWest’s broader payment platform modernization plan, which seeks to capitalize on existing relationships and swiftly adapt to the ever-evolving payment market landscape.
Mark Brant, Chief Payments Officer at NatWest, emphasized the significance of this partnership, stating, “Our relationship with Icon Solutions has already helped us to bring our payments estate to life. This investment is fundamental to the delivery of our modernisation in payments technology, which will enable us to better serve our customers and to remain at the forefront of the payments industry.”
Tom Kelleher, Co-founder and Director of Icon Solutions, highlighted the journey of modernizing payments at NatWest since 2019, inspired by Ian Povey and Mark Brant. He stressed the shared belief in adopting low-code technologies for the quick and safe delivery of new payments systems, emphasizing that today’s investment signifies a commitment to a future where payments are safe, immediate, and flexible.
NatWest’s strategic investment in Icon Solutions marks a significant milestone in the evolution of payment technologies. By merging the robustness and resilience of a traditional bank with the agility and innovation of a fintech company like Icon Solutions, NatWest is positioning itself as a leader in the future of payments. This partnership not only demonstrates NatWest’s commitment to innovation and customer service but also highlights the growing trend of traditional banks collaborating with fintech companies to drive progress in the financial sector.