UBS, a Swiss investment bank and financial services firm, has invested in UK-based fintech company Icon Solutions to advance the development of cutting-edge payment systems.
This funding round also saw additional contributions from existing backers Citi and NatWest. The involvement of UBS, alongside Citi and NatWest, is expected to guide the strategic evolution and ongoing refinement of Icon Solutions’ flagship product, the Icon Payments Framework (IPF).
Icon Solutions, established in 2009, focuses on providing innovative payments infrastructure solutions globally. Its IPF tool is said to be used by major banks such as UBS, Citi, NatWest, and BNP Paribas.
Icon Solutions co-founder and director Tom Kelleher said: “This investment round is further endorsement of our founding belief that banks should be empowered to lead their own payments transformation.
“With IPF now internationally proven and increasingly adopted by major financial institutions, we look forward to continuing our close partnerships with Citi, NatWest and UBS to build on this global momentum and deliver truly innovative and ground-breaking payments solutions.”
IPF enables banks to independently hasten banks’ payment infrastructure transformation, allowing for rapid development, testing, and deployment of payment processing solutions while maintaining control over timelines and costs.
Launched in 2020, it is a low-code platform designed to enable business payment experts to craft industry-leading workflows. It also facilitates software engineering teams in creating highly customisable integrations within existing banking systems.
The framework supports cloud integration and complies with ISO 20022 standards, ensuring compatibility with various payment schemes.
The implementation of IPF can be handled autonomously by banks, through a systems integrator (SI), or by consultants from Icon Solutions who possess practical banking experience. Support options range from initial assessments and planning to short-term projects or continuous assistance with IPF.
UBS personal and corporate banking group operations and technology office (GOTO) and GWM Switzerland and International head Pieter Brouwer said: “Icon, an important partner of UBS, plays a crucial role in modernising payment platforms with innovative infrastructure solutions.
“This investment reinforces our partnership with Icon and confirms our commitment to deliver faster to market, future-ready payment solutions for our clients. The collaboration helps us drive innovation at scale and enhances our capabilities for seamless instant payments and advanced transaction processing.”
